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Hotels in London Post Stable Results in September
The first month of autumn didn’t bring any big changes to the hospitality industry of the UK capital. Hotels in London managed to keep strong demand despite the news about Brexit. However, constantly growing hotel supply makes it harder to maintain high occupancy. The hospitality industry of the city experiences consecutive growth of supply of 2.0% or higher.
The preliminary data by STR Global proves that London hotels keep posting strong results. If compared to the same period a year ago, in September 2016 hotels in London enjoyed the growth of both demand (+1.6%) and supply (+2.6%). The occupancy fell by 1.0% to 88.3%, but average daily rate (ADR) added 0.7% to GBP164.76. That wasn’t enough to reach positive revenue per available room (RevPAR), so it experienced a slight decline of 0.2% to GBP145.48.
In September 2016, hotels in London reached the highest absolute ADR since 1995. Despite the Brexit referendum results, the hospitality industry of London managed to retain its strong results. The general forecast for the city is good, but experts see a threat in the constantly growing hotel supply.
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