According to preliminary monthly data from STR, London hotel occupancy fell 64.4% to 30.7%, ADR dropped 42.9% to £86.40 ($112.02) and RevPAR declined 79.7% to £26.52 ($34.38).
STR’s preliminary data for London hotels showed higher performance from previous months but at levels significantly lower than historical averages.
Comparison with August 2019:
• Occupancy: -64.4% to 30.7%
• Average daily rate (ADR): -42.9% to GBP86.40
• Revenue per available room (RevPAR): -79.7% to GBP26.52
Each of the three key performance metrics were up from July levels, while the occupancy and RevPAR levels were London’s highest since March. Regional markets in the U.K. continue to outperform capital cities.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.