Hotel occupancies, room rates and revenues in London all recorded strong gains through the month of November.
“Demand growth picked up in November, showing the fastest increase in this measure of any month in 2014 so far”, said Elizabeth Winkle, managing director of STR Global.
The city recorded a 4.4% increase in demand for hotel rooms compared to November 2013, outstripping 3.3% growth in room supply. This balance has driven occupancy rates up 1.3 points to 84.4%, average daily rates jumped 2% to GBP147.41, and revenue per available room (RevPAR) rose 3.3 % to GBP125.08.
Anticipating a 3% increase in RevPAR through next year, Ms Winkle said: “Our RevPAR forecast for 2015 remains positive in anticipation of the Rugby World Cup towards the end of the year and due to the confidence in a growing UK as well as European economy in the coming years.”