Preliminary data released by STR suggests that London hotels are continuing to show strong performance growth despite recent terror attacks in the UK.
STR analysts also note that the capital’s hotels reached record levels due primarily to the pound devaluation and a subsequent boost in leisure business.
As well as this, the market maintained performance growth without disruption following the Westminster and Manchester terror attacks. However, it is too early to gauge any potential impact as a result of the recent tragedy at London Bridge.
Compared to the same period last year, London hotels saw a 3.2% increase in supply and a 5% increase in demand. Occupancy rose by 1.7% to 83.1% and the average daily rate (ADR) went up by 7% TO £153.04.
Revenue per available room (RevPAR) showed an increase of 8.9% to £127.24. The absolute RevPAR level would be the highest for any May on record in London and 2017 has seen record RevPAR levels every month so far.
Absolute occupancy reached 90% or higher nine times in May, including several days around the times of the Security and Counter Terror Expo (3-4 May), Museums Heritage Show (17-18 May) and London Wine Fair (22-24 May).