The last quarter of 2012 was certainly unusual. Regional hotels saw record growth in all KPIs, but London could not match the previous year's performance. This was in spite of October being a champion month all round, with both the Regions and London outperforming against the previous October. It was December, an underperforming month for both markets, that witnessed a comparatively poor performance. October brought a boost to occupancy for both London (1.6%) and the Regions (0.4%), with the stand-out performers being London's deluxe hotels, rising by 3.7%. In the Regions, airport hotels soared highest for occupancy, with a 4.9% increase. By contrast, budget hotel demand seemed to slip, recording a -6.5% occupancy decrease. The overall market increase in occupancy for October, combined with the AARR growth, saw rooms yield rise for London (5.5%) and Regional hotels (2.0%).