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Global travel technology company OYO has revealed its hotels in London clocked a 21% increase in revenue and 18% increase in per available room revenue (RevPar) as travellers flocked the city to witness Britain’s first coronation in nearly 70 years.
The coronation long weekend starting 5-8 May 2023 saw a 15% increase in average daily rates for hotel rooms in London on the OYO platform and OTAs, compared with an average business-as-usual weekend in April i.e., 14-17 April.
Hotels across the UK saw a 16% increase in revenue and 10% increase in RevPar as compared with an average business-as-usual weekend in April.
It also revealed online searches and demand for hotels in London witnessed a spike even during the weekend preceding the coronation week. The bank holiday weekend from 28- April – 1 May saw OYO hotels in London clocking the highest revenue per available room (RevPar) of 2023, surpassing all previous months up until April.
This was 17% higher than the popular Easter weekend – 7-10 April 2023.
Gautam Swaroop, CEO OYO International, said: “April has been the highest grossing month for us in 2023 in terms of revenue.
“A once in a century event such as the coronation has created an increased demand for hotels in the city and encouraged travel to London as many from overseas also came to witness this event and partake in the celebrations. Reports indicate that there was an over 14% increase in flight bookings for the Coronation weekend alone.”
Puneet Yadav, head – OYO UK, added: “Businesses in the travel and tourism sector benefited greatly from the ceremony. Coronation special tours and walks were a common sight and demand for hotels in and around London during the coronation weekend, is estimated to have brought an economic boost of £1.2m.”
