London airport hotels suffer
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As both passenger and flight numbers fall, data from STR Global, has revealed that hotel markets at London’s two major airports, Heathrow and Gatwick, have also declined. According to STR Global, the average daily rate (ADR) of Gatwick hotels has been in almost continuous decline since the beginning of 2008, with double-digit drops in year-over-year monthly ADR for four out of the first five months of 2009. The ADR decline accelerated sharply at Heathrow hotels, with falls in excess of 12% for April and May 2009. Occupancy followed a similar downward trend at both airports since September 2009.
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