STR: Preliminary October 2016 data for London
STR's preliminary October 2016 data for London, England, indicates performance declines.Based on daily data from October, London reported the following in year-over-year comparisons:
LONDON -- STR's preliminary October 2016 data for London, England, indicates performance declines.
Based on daily data from October, London reported the following in year-over-year comparisons:
- an increase in supply (+2.9%) and a decrease in demand (-1.2%);
- a 4.0% decrease in occupancy to 85.0%;
- a 7.7% decrease in average daily rate (ADR) to GBP149.72; and
- an 11.4% decrease in revenue per available room (RevPAR) to GBP127.23.
STR analysts note that steady supply growth continued in the market, while demand dropped across both weekday and weekend business. Thus, the market failed to recapture the high performance levels seen around this time last year with the Rugby World Cup.
At the same time, the absolute occupancy level would be the lowest for an October in London since 2008. The year-over-year percentage changes also would mark London's largest October declines for occupancy and ADR since 2001.
STR will release actual October 2016 results later this month. The August 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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