Based on daily data from August, London reported:
- increases in supply (+2.3%) and demand (+0.5%);
- a 1.8% decrease in occupancy to 85.4%;
- a 4.2% increase in ADR to GBP141.59; and
- a 2.4% increase in RevPAR to GBP120.90.
London hosted the European Society of Cardiology (ESC) Congress from 29 August through 2 September.
According to STR Global analysts, London hotels have seen consistent growth in transient demand but a decline in group demand with lower rates available outside of the capital. In addition, the weakening of the Euro against the British Pound continues to lead to more affordable outbound travel from the market. Even with those factors and an increase in supply, London’s absolute occupancy in August eclipsed 85.0%.
STR Global will release August 2015 results during the week of 21 September. The August edition of the STR Global Hotel Market Forecast is now available.