Increase in demand and occupancy for London hotels
STR Global releases preliminary August 2013 data for Greater London. STR forecasts a 1.5-percent decline of revenue per available room for year-end 2013, which is due to last year’s Olympic Summer Games high rates.
LONDON - Based on STR Global daily data from August, preliminary data for Greater London includes:
“London has seen the return of its usual guests following the Summer Olympics last year, resulting in an increase in demand and thus occupancy”
- increases in supply (2.3 percent) and demand (7.3 percent);
- a 4.9-percent increase in occupancy to 86.3 percent;
- a 16.7-percent decrease in average daily rate to GBP132.79; and
- a 12.7-percent fall in revenue per available room to GBP114.54.
, said Elizabeth Winkle
, managing director of STR Global. “ADR declines in August 2013 were expected since the daily average rates were above GBP200 during the Olympic period in 2012”.“We forecast a 1.5-percent decline of revenue per available room for year-end 2013, which is due to last year’s Olympic Summer Games high rates”
, said Naureen Ahmed
, manager of marketing and analysis at STR Global. “This trend will be reversed for year-end 2014 when London will have returned to its normal trading conditions; STR Global forecasts RevPAR to grow by 3.4 percent”.
STR Global will release final August 2013 results in two weeks. Revised 2013 forecasts will be available in November.Photo caption: Sofitel St James, London.