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London hotels are continuing to enjoy strong demand, posting the highest occupancy levels and annual daily rate (ADR) of any February for more than a decade.
This is according to preliminary results from STR Global which found London hotels experienced a 0.6% increase in occupancy to 77.3% in February, while ADR increase by 0.7% to £128.47.
Revenue per available room (RevPAR) increased to £99.34 – a rise of 1.3%. STR Global said that it expected RevPAR to increase by 3.2% in 2015.
The report also highlighted that London hotels experienced a 3.5% increase in supply and a 4.1% increase in demand.
Elizabeth Winkle, managing director of STR Global, said: “London continued its positive trend, reporting record levels in occupancy and ADR of any February for more than a decade, resulting in RevPAR levels just shy of £100 for the month.
“Hotel performance is expected to accelerate for the remainder of the year, mainly driven by increases in rate. Performance in 2015 is expected to remain strong in the capital and throughout the UK with economic trends and events like the Rugby World Cup toward the end of the year.”
