STR’s preliminary September 2016 data for London, England, indicates significant average daily rate.
Based on daily data from September, London reported the following in year-over-year comparisons:
- increases in supply (+2.6%) and demand (+1.6%);
- a 1.0% decrease in occupancy to 88.3%;
- a 0.7% increase in average daily rate (ADR) to GBP164.76; and
- a 0.2% decrease in revenue per available room (RevPAR) to GBP145.48.
The absolute ADR level would be the highest for a September in London since 1995. STR analysts note that London has maintained strong demand levels since the results of the Brexit referendum were announced in June. Meanwhile, occupancy has softened as the market experienced 10 consecutive months of supply growth at a rate of 2.0% or higher.
STR will release actual September 2016 results later this month. The August edition of STR’s Market Forecast is now available.