STR releases preliminary May 2016 data for London
STR's preliminary May 2016 data for London, England, indicates negative occupancy performance.Based on daily data from May, London reported the following in year-over-year comparisons:
LONDON -- STR's preliminary May 2016 data for London, England, indicates negative occupancy performance.
Based on daily data from May, London reported the following in year-over-year comparisons:
- an increase in supply (+2.5%) and a decrease in demand (-0.4%);
- a 2.8% decrease in occupancy to 81.7%;
- a 0.4% increase in average daily rate (ADR) to GBP143.92; and
- a 2.4% decrease in revenue per available room (RevPAR) to GBP117.62.
The decrease in occupancy came as a result of a supply growth and demand performance imbalance. Although performance was weak for the month overall, occupancy remained above 86.0% from Tuesday, 24 May to Saturday, 28 May when London hosted the Chelsea Flower Show. ADR also peaked for the month at GBP165.49 on that opening Tuesday.
STR will release May 2016 results later this month. The May edition of STR's Market Forecast is now available.
About CoStar Group, Inc.
CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.
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