STR: Preliminary March data for London hotels
STR's preliminary March 2017 data for London, England, indicates significant performance growth. Based on daily data from March, London reported the following in year-over-year comparisons:
LONDON—STR's preliminary March 2017 data for London, England, indicates significant performance growth.
Based on daily data from March, London reported the following in year-over-year comparisons:
- Supply: +2.8%
- Demand: +8.7%
- Occupancy: +5.7% to 80.5%
- Average daily rate (ADR): +8.0% to GBP140.65
- Revenue per available room (RevPAR): +14.2% to GBP113.27
STR analysts attribute the performance growth, in part, to a favorable calendar shift caused by a later Easter in 2017. The opposite will occur in April.
Additionally, airport hotels have seen an uptick in demand, indicating an increase in inbound tourism as a result of the pound devaluation.
As reported by STR last week, there wasno performance disruption for London's hotel industry following the Westminster attack on 22 March.
STR will release actual March 2017 results later this month. The February edition of STR's Market Forecast is now available.
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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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