STR: Preliminary March data for London hotels
STR's preliminary March 2018 data for London, England, indicates overall performance declines. Based on daily data from March, London reported the following in year-over-year comparisons:
LONDON -- STR's preliminary March 2018 data for London, England, indicates overall performance declines.
Based on daily data from March, London reported the following in year-over-year comparisons:
- Supply: +1.9%
- Demand: +0.9%
- Occupancy: -0.9% to 79.8%
- Average daily rate (ADR): -1.2% to GBP138.55
- Revenue per available room (RevPAR): -2.2% to GBP110.52
March broke a 16-month streak as the first with a year-over-year ADR decline in London since October 2016. In addition to continued and significant supply growth, which pulls down occupancy levels, STR analysts attribute the performance decreases to unseasonably-cold temperatures, snow and strong winds that came from the Siberian weather system labeled as the "Beast from the East."
STR will release full March results later this month. The January edition of STR's Market Forecast and the 2017 Global Hotel Study are 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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