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London has recorded the lowest absolute occupancy in October since 2008, according to new research from STR.
Preliminary figures from the hotel data company found increasing supply in the capital (2.9%) and a fall in demand (1.2%) lead to a 4% decrease in occupancy to 85% – the lowest for the month in London since 2008.
STR analysts note that steady supply growth continued in the market, while demand dropped across both weekday and weekend business trips. This meant the market failed to recapture the high performance levels seen around this time last year during the Rugby World Cup.
Meanwhile, a 7.7% decrease in average daily rates (ADR) to £149.72 and revenue per available room (RevPAR) plunged 11.4% to £127.23.
The year-over-year percentage changes also mark London’s largest October declines for occupancy and ADR since 2001.
