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The UK hotel industry posted solid growth across the three key performance metrics during 2017 compared with the previous year, according to new figures.
Hospitality data research firm STR said UK occupancy rates rose by 0.5% to 77.4%, with average daily rates (ADR) up by 3.6% to £92.32 and revenue per available room (RevPAR) up 4.1% to £71.49 during the period.
In comparison Europe’s occupancy rates rose by 2.4% to 71.9%. ADR and RevPAR were up by 3.1% to €110.51 (96.49) and 5.6% to €79.46 (£69.38) respectively.
The UK’s year-end performance figures were mainly the result of a record-breaking first half, as STR reported in August.
Following the results of the June 2016 referendum to leave the European Union, the British pound was devalued considerably against the dollar and the euro; the favorable exchange rate attracted an influx of international tourists and provided a boost in domestic tourism as travelling to other countries became less affordable for UK residents.
While occupancy levels decreased slightly for seven straight months to end the year, ADR grew year over year in each month of 2017.
London hotels posted a 4.1% increase in ADR for the year, with relatively flat occupancy that was heavily affected by strong, continued supply growth.
