STR Global’s preliminary July 2015 data for London, England, indicates positive year-over-year results in each of the three key performance metrics.
- increases in supply (+2.6%) and demand (+5.4%);
- a 2.7% increase in occupancy to 88.3%;
- a 4.3% increase in average daily rate to GBP151.27; and
- a 7.1% increase in revenue per available room to GBP133.54.
According to STR Global analysts, London saw accelerated occupancy and ADR growth following the conclusion of Ramadan (17 July) as hotels capitalized on an influx of visitors from the Middle East. The commencement of United Kingdom school holidays in mid-July also brought families to the capital, and the strength of the U.S. dollar relative to the British Pound has contributed to an increase in U.S. visitors.
After a slow first half of 2015, July’s demand growth and improved performance indicators point to a stronger second half for London.
STR Global will release July 2015 results during the week of 24 August. The August edition of the STR Global Hotel Market Forecast also will be available at the end of the month.