STR’s preliminary August 2019 data for London has indicated lower occupancy but significant overall performance.
The 0.3% decline in occupancy to 86.7% was offset by a 4.8% increase in the average daily rate (ADR) £151.58 and a 4.5% increase in revenue per available room (RevPAR) to £131.3.
Supply and demand also both increased by 1.5% and 1.2% respectively during the month.
A statement by STR read: “The absolute RevPAR level is the highest for any August in STR’s London database.
“STR analysts note that although there was a slight decline in occupancy, London saw 11 nights above 90% in the metric, which could be due to the devaluation of the pound attracting international visitors to the market.”