STR: London Hotel Performance Drops Amid Growing COVID-19 Concerns
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.
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.
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