STR: London Hotel Performance Drops Amid Growing COVID-19 Concerns
LONDON - STR's preliminary data for hotels in London shows slightly negative performance in February 2020 that worsened into double-digit declines during the first week of March.
February preliminary data (compared with February 2019):
- Occupancy: -2.3% to 76.3%
- Average daily rate (ADR): +0.3% to GBP133.57
- Revenue per available room (RevPAR): -2.1% to GBP101.91
1-8 March preliminary data (compared with corresponding week in 2019):
- Occupancy: -21.0% to 65.5%
- ADR: -8.5% to GPB128.39
- RevPAR: -27.7% to GPB84.14
As concerns have grown around the COVID-19 outbreak, STR analysts note that London daily data shows 14 consecutive days (24 February through 8 March) of decreases across the three key performance metrics. Occupancy and RevPAR fell by double figures for eight of those days (1-8 March).
STR continues to monitor the COVID-19 impact on global hotel industry performance. More information and analysis can be found here.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
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