London hotel occupancy and average daily rates have fallen sharply over the past year.
Analysis from hotel data specialist STR shows, when comparing October 2016 to the same period last year, occupancy fell 4 per cent to 85 per cent and the average daily rate decreased 7.7 per cent to £149.92.
There was also an 11.4 per cent decrease in revenue per available room (RevPar) to £127.23.
STR notes that steady supply growth continued in the market in October, while demand dropped across both weekday and weekend business… “The market failed to recapture the high performance levels seen around this time last year with the Rugby World Cup,” said STR.
“At the same time, the absolute occupancy level would be the lowest for an October in London since 2008,” it added.
The data showed that year-on-year percentage changes mark London’s largest October declines for occupancy and ADR since 2001.