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Deloitte report
London hotels post RevPAR growth in 4Q 2009
Thursday, January 07, 2010
Deloitte, the business advisory firm, has confirmed that hotels in London saw revenue per available room (revPAR) rise out of the red during the final quarter of 2009, up 5.5% to £110. Occupancy was the key driver of growth in the capital, up 5.8% to an outstanding 82.9%. Average room rates, which lag occupancy in recovery, fell 0.2% to £133.
Marvin Rust, Hospitality Managing Partner at Deloitte, commenting on the London results, said: “Hotels in the capital have been going from strength to strength during the last three months of 2009. With sterling still weak against a basket of currencies, London seems set to continue on a fast track to recovery. Although there may be some downward movement in average room rates in the corporate market, due to the fact that corporate rates have already been re-contracted for next year, the overseas and domestic leisure markets continue to be robust and preliminary year-end results from STR Global show a decline of just 4.8% for the capital.
Meanwhile, hotels across Regional UK posted further revPAR declines for the final quarter, falling 7.7% to £44. Both occupancy and average room rates continued to fall, down 1.1% and 6.7%, respectively. Preliminary year-end results are still showing double-digit declines in revPAR.
Marvin added: “What is most worrying about the performance in the regions is that occupancy is still falling, an indication that 2010 will continue to be tough outside the capital. Although the first half of 2010 may show signs of recovery in occupancy (as Q1 and Q2 2009 saw significant declines), it is important to note that this may only be a “technical bounce” and the real recovery, at best, is unlikely to be before the second half of this year.”
Marvin Rust, Hospitality Managing Partner at Deloitte, commenting on the London results, said: “Hotels in the capital have been going from strength to strength during the last three months of 2009. With sterling still weak against a basket of currencies, London seems set to continue on a fast track to recovery. Although there may be some downward movement in average room rates in the corporate market, due to the fact that corporate rates have already been re-contracted for next year, the overseas and domestic leisure markets continue to be robust and preliminary year-end results from STR Global show a decline of just 4.8% for the capital.
Meanwhile, hotels across Regional UK posted further revPAR declines for the final quarter, falling 7.7% to £44. Both occupancy and average room rates continued to fall, down 1.1% and 6.7%, respectively. Preliminary year-end results are still showing double-digit declines in revPAR.
Marvin added: “What is most worrying about the performance in the regions is that occupancy is still falling, an indication that 2010 will continue to be tough outside the capital. Although the first half of 2010 may show signs of recovery in occupancy (as Q1 and Q2 2009 saw significant declines), it is important to note that this may only be a “technical bounce” and the real recovery, at best, is unlikely to be before the second half of this year.”
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