London’s hotel sector continued its remarkable phase of growth in February, with STR Global preliminary data showing occupancy levels and revenue per available room (RevPAR) at their highest point for nearly a decade.
“London continued its positive trend, reporting record levels in occupancy and ADR of any February for more than a decade, resulting in RevPAR levels just shy of £100 for the month,” commented Elizabeth Winkle, managing director of STR Global. “Hotel performance is expected to accelerate for the remainder of the year, mainly driven by increases in rate. Performance in 2015 is expected to remain strong in the capital and throughout the UK with economic trends and events like the Rugby World Cup toward the end of the year.”
According to the data, occupancy and average daily rate (ADR) increased marginally to 77.3% (up 0.6%) and £128.47 (+0.7%) respectively, while RevPAR rose 1.3% to £99.34. STR expects RevPAR to rise 3.2% in total in 2015.
Meanwhile, the sector reported an increase in supply of 3.5% and a 4.1% increase in demand during the month.
Comments are closed.