STR’s preliminary January 2020 data for hotels in London indicates lower occupancy but higher rates.
Based on daily data from the month, London reported the following in year-over-year comparisons:
- Supply: +2.3%
- Demand: +1.4%
- Occupancy: -0.9% to 71.3%
- Average daily rate (ADR): +1.5% to GBP133.31
- Revenue per available room (RevPAR): +0.6% to GBP95.10
The absolute RevPAR level is the highest for any January in STR’s London database. STR analysts note that occupancy comparisons have been affected by steady supply growth in the market. Strong performance during the first and last week of the month helped the month maintain overall positive levels.
Like most major markets in Europe, London has not yet shown a noticeable impact on performance relative to the outbreak of novel coronavirus (COVID-19). However, an impact was visible in the final days of the month in the Heathrow Airport submarket.
STR will release full January results later this month.
.jpg){kind=tracking}