- increases in supply (+3.7 percent) and demand (+2.0 percent);
- a 1.7-percent decrease in occupancy to 78.6 percent;
- a 1.1-percent increase in average daily rate to GBP133.77; and
- a 0.6-percent decrease in revenue per available room to GBP105.16.
“Whilst London reported a 0.6-percent year-over-year decrease in RevPAR, absolute figures remained high at GBP105.00 for March”, said Elizabeth Winkle, managing director of STR Global. “An increase in supply outpaced room demand growth in the city. The new rooms in the capital put pressure on occupancy resulting in year-over-year decline; however, levels remain above 75 percent. ADR, on the other hand, fared well this month with growth of 1.1 percent”.
STR Global will release March 2015 results in one week. The April edition of the STR Global Hotel Market Forecast is now available.