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STR’s preliminary data for hotels in London showed slightly negative performance in February 2020 which worsened into double-digit declines during the first week of March.
In February, both occupancy and revenue per available room (RevPAR) decreased by 2.3% to 76.3% and 2.1% to £101.91 respectively. Despite this, average daily rate (ADR) rose by 0.3% to £133.57.
However, during the first week of March occupancy plummeted by 21% to 65.5%, with RevPAR also down 27.7% to £84.14. ADR also slumped by 8.5% to £128.39.
STR said: “As concerns have grown around the COVID-19 outbreak, STR analysts note that London daily data shows 14 consecutive days (24 February through 8 March) of decreases across the three key performance metrics.
“Occupancy and RevPAR fell by double figures for eight of those days (1-8 March). STR continues to monitor the COVID-19 impact on global hotel industry performance.”
