Based on daily data from February, London reported the following in year-over-year comparisons:
- increases in supply (+2.9%) and demand (+0.8%);
- a 2.0% decrease in occupancy to 75.6%;
- a 0.4% decrease in average daily rate (ADR) to GBP127.35; and
- a 2.4% decrease in revenue per available room (RevPAR) to GBP96.33.
STR analysts note that hotel performance in London is traditionally quiet at the beginning of the year. In January, occupancy fell 4.4%, while RevPAR dropped 5.9%.
For this February, the 2.4% decline in RevPAR was mainly due to the drop in occupancy as demand growth remains soft compared with supply growth.
STR will release February 2016 results during the week of 21 March. The February edition of STR’s Hotel Market Forecast is now available.