STR: Preliminary January data for London hotels
STR's preliminary January 2017 data for London, England, indicates sharp performance increases.Based on daily data from January, London reported the following in year-over-year comparisons:
LONDON -- STR's preliminary January 2017 data for London, England, indicates sharp performance increases.
Based on daily data from January, London reported the following in year-over-year comparisons:
- Supply: +2.8%
- Demand: +8.8%
- Occupancy: +5.8% to 70.5%
- Average daily rate (ADR): +5.7% to GBP127.84
- Revenue per available room (RevPAR): +11.8% to GBP90.08
London's hotel industry built on its momentum from the final months of 2016. The 70.5% absolute occupancy level would be the highest for a January in London since 2008, while ADR would be the highest for a January since 1994. At the submarket level, London's West End posted particularly high performance levels, with RevPAR up 20.1% year over year.
In addition to the demand boost generated by a lower British pound, STR analysts note that the market's performance increases are all in comparison with a slightly weak January 2016, when the market was still struggling from the aftershocks of the terrorist attacks in Paris.
STR will release actual January 2017 results later this month.
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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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