Preliminary May data from STR shows hotels in London reported occupancy decreased 1% to 82.3%, ADR decreased 4.1% to £146.51 ($195.33) and RevPAR decreased 5% to £120.59 ($160.77).
STR’s preliminary May 2018 data for London, England, indicates lower performance due to supply growth.
Based on daily data from May, London reported the following in year-over-year comparisons:
• Supply: +2.0%
• Demand: +0.9%
• Occupancy: -1.0% to 82.3%
• Average daily rate (ADR): -4.1% to GBP146.51
• Revenue per available room (RevPAR): -5.0% to GBP120.59
May was the 12th consecutive month with a year-over-year occupancy decline in the market. The month also was the third in a row with an ADR decrease after 16 straight positive months in the metric. As of April, London’s 12-month average supply growth was 3.0%.
STR analysts note that although there was a weakening of the pound in May, there was no significant increase in demand. The Royal Wedding on 19 May also did not produce a significant impact on performance.
STR will release full May results later this month. The May edition of STR’s Market Forecast is available now for London and a host of other markets across the globe.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.