Occupancy plummeted by 74.4% to 23% when compared with the same month last year. Additionally, average daily rate (ADR) decreased by 59.2% to £72.48, and revenue per available room (RevPAR) was also down 89.6% to £16.64.
STR said: “The absolute levels in each of the three metrics would be the lowest for any month on record in STR’s London database. STR analysts do not expect significant performance increases until restrictions are eased further in the UK.”
Last week, Chancellor Rishi Sunak unveiled a £2bn “kickstart scheme” which aims to boost employment amongst young UK workers.
VAT for the hospitality in food, accommodation and attractions will also be cut from 20% to 5% until 12 January to support the hospitality sector, which the chancellor said has been “particularly badly hit”.