STR’s preliminary July 2016 data for London indicates performance growth driven by rates. Based on daily data from July, London reported the following in year-over-year comparisons:
increases in supply (+2.8%) and demand (+3.1%);
a 0.2% increase in occupancy to 88.4%;
a 3.7% increase in average daily rate (ADR) to GBP156.67; and
a 4.0% increase in revenue per available room (RevPAR) to GBP138.51.
STR analysts credit the month’s performance to the Wimbledon Championships (27 June to 10 July), and more importantly, the biennial Farnborough International Airshows (11-17 July). The month’s highest absolute occupancy (97.0%) and ADR (GBP187.44) levels were recorded on Tuesday, 12 July.
July marked the first month of 2016 in which London posted notable RevPAR growth.
STR will release actual July 2016 results during the week of 22 August. The August edition of STR’s Market Forecast will be available at the end of the month.