London Market Update
March 2009 | By James Chappell
I have pulled some interesting results for London this year and we have highlighted the following:
- The London Market as a whole, then sliced it down into our markets segments: Luxury, Upper Upscale, Upscale, Midscale with Food and Beverage, Midscale without Food and Beverage and Economy.
- The year on year change for the first three months of this year, individually and year to date total.
- We looked at ADR, Occupancy, RevPAR, Supply, Demand and Revenue.
- Amsterdam: -27.9%
- Berlin -6%
- Dublin -26%
- Madrid -26.6%
- Moscow -20.2
- Rome -17%
- Stockholm -0.1%
I have to say on the whole you can almost split Europe into North and South. The Northern European markets with the exception of Benelux, seem to be holding on a lot better and have had a marked lift from Europe. Southern European countries like Spain, Portugal and Italy saw no lift and are going to have an eye watering April as a result.
- The Good News: London experienced a March Easter lift, slowing the rate of decline across the board.
- The Bad News: Easter is mismatched again, so expect greater losses in April as a result.
- Supply growth as a whole has been fairly low, around 1.2% this year. Most of the growth has been in the Luxury segment, growing at 4.6% year to date.
- Year to date Room Rate has fallen the most in the Luxury category, falling -7.7%.
- Year to date Occupancy has fallen the most in the Luxury category, falling -7.7%.
- Year to date RevPAR has fallen the most in the Luxury category, falling -14.7%.
- Year to date Room Rate has fallen the least in the Midscale with F&B, growing 1.7%.
- Year to date Occupancy has fallen the least in the Upper Upscale category, falling -0.5%.
- Year to date RevPAR has fallen the least in the Midscale with F&B category, falling -5.4%.
We hope that you find the data interesting, illuminating but above all relevant to your experience of what is happening in the market. We will follow this up with an analysis of days of the week as well as including some more macro European data for you to look at. If you have any questions, please do not hesitate to contact me. Over the next few weeks, I will follow up with an update looking at days of the week, Market Forecasts ad wider European info.