London's hotels reported positive performance in March, according to preliminary data from STR. Occupancy increased 5.7% to 80.5%, ADR increased 8% to £140.65 ($174.42) and RevPAR rose 14.2% to £113.27 ($140.47).
LONDON—STR’s preliminary March 2017 data for London, England, indicates significant performance growth.
Based on daily data from March, London reported the following in year-over-year comparisons:
- Supply: +2.8%
- Demand: +8.7%
- Occupancy: +5.7% to 80.5%
- Average daily rate (ADR): +8.0% to GBP140.65
- Revenue per available room (RevPAR): +14.2% to GBP113.27
STR analysts attribute the performance growth, in part, to a favorable calendar shift caused by a later Easter in 2017. The opposite will occur in April.
Additionally, airport hotels have seen an uptick in demand, indicating an increase in inbound tourism as a result of the pound devaluation.
As reported by STR last week, there was no performance disruption for London’s hotel industry following the Westminster attack on 22 March.
STR will release actual March 2017 results later this month. The February edition of STR’s Market Forecast is now available.
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