Economy

London reports highest RevPAR increase since 2012 Olympics

London has reported record occupancy in December and the strongest revenue per available room (RevPAR) increase since the London Olympic Games in 2012.

Preliminary data from STR’s monthly report found occupancy soared 7.1% in the capital to 80.1%, while RevPAR increased 14.5% to £119.41. Meanwhile, average daily rate (ADR) was also up 7% to £149.02.

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The increase was down to demand outstripping supply, with supply increasing 2.7% compared with a 10% jump in demand.

December marked London’s highest year-over year RevPAR increase in the past 52 months – since the UK hosted the Summer Olympics in 2012.

STR analysis noted that while the performance growth is compared with a weak December 2015 – when London hotels experienced a downturn in performance following the terror attacks in Paris – December 2016 marked London’s highest actual occupancy level for any December on record.

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