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London hotels recorded the absolute highest average daily rate (ADR) for a September since 1995, according to preliminary figures from hotel data company STR.
Despite the ADR growth of 0.7% to £164.76, occupancy fell 1% to 88.3% during the month and revenue per available room (RevPAR) remained flat at £145.48 – a decrease of 0.2%.
This was mainly due to a 2.6% increase in supply, while demand was only up 1.6%.
STR analysts said London has maintained strong demand levels since the result of the EU referendum in June, although occupancy has softened due to the capital’s market experiencing 10 consecutive months of supply growth at a rate of 2% or higher.
