STR Global’s preliminary June 2015 data for London, England, indicates significant occupancy levels.
Based on daily data from June, London reported:
- increases in supply (+2.6 percent) and demand (+3.3 percent);
- a 0.6-percent increase in occupancy to 88.1 percent;
- a 1.9-percent decrease in average daily rate to GBP 158.71; and
- a 1.3-percent decrease in revenue per available room to GBP 139.77.
According to STR Global analysts, London saw an increase in demand despite an earlier Ramadan and later Wimbledon: London routinely experiences an influx of Middle Eastern travellers during summer months, but those travellers leave during Ramadan. Wimbledon began one week later than usual; thus, demand from the event shifted into July.
Occupancy in the market increased as demand growth outpaced supply, but the loss of those source markets for a temporary period might have contributed to the market’s drop in ADR.
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