According to preliminary January 2017 data from STR, London hotels reported a 5.8% occupancy increase to 70.5%, a 5.7% ADR increase to £127.84 ($159.98) and an 11.8% RevPAR jump to £90.08 ($112.72).
LONDON—STR’s preliminary January 2017 data for London, England, indicates sharp performance increases.
Based on daily data from January, London reported the following in year-over-year comparisons:
- Supply: +2.8%
- Demand: +8.8%
- Occupancy: +5.8% to 70.5%
- Average daily rate (ADR): +5.7% to GBP127.84
- Revenue per available room (RevPAR): +11.8% to GBP90.08
London’s hotel industry built on its momentum from the final months of 2016. The 70.5% absolute occupancy level would be the highest for a January in London since 2008, while ADR would be the highest for a January since 1994. At the submarket level, London’s West End posted particularly high performance levels, with RevPAR up 20.1% year over year.
In addition to the demand boost generated by a lower British pound, STR analysts note that the market’s performance increases are all in comparison with a slightly weak January 2016, when the market was still struggling from the aftershocks of the terrorist attacks in Paris.
STR will release actual January 2017 results later this month.
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