STR Global’s preliminary May data for London indicate declines in the three key performance metrics.
Based on daily data from May, London reported:
- increases in supply (+1.7 percent) while demand stayed flat (0.0 percent);
- a 1.7-percent decline in occupancy to 84.5 percent;
- a 0.3-percent decline in average daily rate to GBP142.85; and
- a 2.0-percent decrease in revenue per available room to GBP120.76.
RevPAR in London is expected to increase 5.0 percent during 2014.
“May was the first month in 2014 to report negative hotel performance for London, primarily impacted by the 2013 UEFA Champions League Final, which pushed hotel performance to new levels for the month last year,” said Elizabeth Winkle, managing director of STR Global. “The rest of the year, however, looks positive all through, as the U.K. economy and the eurozone are expected to grow further”.
STR Global will release May 2014 results in two weeks. The May edition of the STR Global Hotel Market Forecast is now available.
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, segmentation data, forecasts, annual profitability, pipeline and census information. Hotel operators can join the surveys on a complimentary basis and benefit from free industry data. STR Global is part of the STR family of companies and is proudly associated with STR, STR Analytics and Hotel News Now.
For more information click here