STR’s preliminary August 2016 data for London, England, indicates nearly flat occupancy and lower rates.
Based on daily data from August, London reported the following in year-over-year comparisons:
- increases in supply (+2.6%) and demand (+1.8%);
- a 0.8% decrease in occupancy to 84.7%;
- a 1.1% decrease in average daily rate (ADR) to GBP140.14; and
- a 1.9% decrease in revenue per available room (RevPAR) to GBP118.69.
Despite the year-over-year decline, the absolute RevPAR level was the third-highest on record for an August in London. The all-time RevPAR high for August (GBP129.77) came in 2012 when the UK capital hosted the Summer Olympics.
STR will release actual August 2016 results later this month. The August edition of STR’s Market Forecast is now available.