STR Global posted first results of hotels in London, England, in August. The data clearly shows that hotels in the capital of the UK managed to improve both average daily rate and revenue per available room.
According to the report, the supply of London hotels added 2.3% in August, while the demand was growing not so fast and increased only by 0.5%. The decline of occupancy estimated 1.8% to 85.4%, but this couldn’t prevent ADR from growing. The metric added 4.2% to GBP141.59 in total. This helped RevPAR grow by 2.4% to GBP120.90 in total.
From August 29 through September 2 London hosted the European Society of Cardiology Congress (ESC). Even though London hotels experience growth of demand from individuals, group demand is falling, mostly because of lower hotel rates outside the capital. Weaker euro compared to British pounds, in its turn, makes outbound travel more attractive for British tourists. However, even with all those factors hotels in London still manage to reach high occupancy level.