LONDON—London is projected to finish 2010 with an 11.4-percent increase in revenue per available room, according to STR Global, the leading provider of market data to the world’s hotel industry. The market also is forecasted to end 2011 with a 2.2-percent RevPAR increase. These results are based on the STR Global Market Forecast reports produced by STR Global in conjunction with e-forecasting.com, an international economic research and consulting firm.
Whilst there is no doubt that 2010 has been a year of recovery for London it was not clear how good the year would be at the beginning of 2010. In July London hotels achieved the highest RevPAR in the past 11 years. The January 2010 STR Global Market Forecast report showed that London would finish the year with 9.4 percent RevPAR growth. This has now been revised upward to an 11.4-percent increase in RevPAR for the year. The recent year-to-date October 2010 results show London with a 12.4-percent increase in RevPAR.
The current RevPAR forecast for 2011 of a 2.2-percent increase is very conservative. In absolute terms, this modest percentage of growth is at a similar level to 2010. With the still-to-be-announced dates for the various pre-Olympic testing events and the recently confirmed date for the Royal Wedding next April, the forecast will be revisited to incorporate the impact of such news.
The STR Global Market Forecast reports provide expected occupancy, average daily rate and RevPAR for selected global markets for the next 18 months. It also includes 12 months of historical data. The STR Global Hotel Market Forecast report is available on an annual subscription with 12 monthly forecast reports updated to reflect changing domestic and international geopolitical events.
About STR Global:
STR Global provides clients—including hotel operators, developers, financiers, analysts and suppliers to the hotel industry—access to hotel research with regular and custom reports covering Europe, Middle East, Africa, Asia Pacific and South America. STR Global provides a single source of global hotel data covering daily and monthly performance data, forecasts, annual profitability, pipeline and census information. STR Global is part of the STR family of companies and is proudly associated with STR, RRC Associates, STR Analytics, and HotelNewsNow.com. For more information, please visit www.strglobal.com.
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