STR’s preliminary November 2016 data for London, England, indicates strong demand growth and sharp performance increases.
Based on daily data from November, London reported the following in year-over-year comparisons:
- increases in supply (+3.0%) and demand (+8.5%);
- a 5.4% increase in occupancy to 86.1%;
- a 2.6% increase in average daily rate (ADR) to GBP153.07; and
- an 8.2% increase in revenue per available room (RevPAR) to GBP131.78.
The absolute RevPAR level would be the highest for a November in London since 1994. The occupancy growth figure would be the largest since July 2013.
STR analysts note that the results are in comparison with November 2015, when London’s hotel market experienced an aftershock following the terror attacks in Paris, France.
STR will release actual November 2016 results later this month. The November edition of STR’s Market Forecast is now available.