London December Hotel Occupancy Fell 70.3% To 24%

Bridge in London - Source WTTC
London December Hotel Occupancy Fell 70.3% To 24%

In December, London hotels reported occupancy fell 70.3% to 24%, according to preliminary monthly data from STR. ADR decreased 46.2% to £85.58 ($115.66) and RevPAR dropped 84% to £20.57 ($27.80).

STR’s preliminary December 2020 data for London hotels showed slightly higher performance levels compared with the previous month. Year-over-year declines remained significant.

• Occupancy: 24.0% (-70.3%)
• Average daily rate (ADR): GBP85.58 (-46.2%)
• Revenue per available room (RevPAR): GBP20.57 (-84.0%)

Each of the three key performance metrics were up from November, thanks to higher performance towards the beginning of the month. With a new variant of the COVID-19 virus and stricter lockdown rules, daily occupancy remained under 20% during the last half of the month.

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.