STR: Preliminary May data for London hotels
Based on daily data from May, London reported the following in year-over-year comparisons:
- Supply: +2.0%
- Demand: +0.9%
- Occupancy: -1.0% to 82.3%
- Average daily rate (ADR): -4.1% to GBP146.51
- Revenue per available room (RevPAR): -5.0% to GBP120.59
May was the 12th consecutive month with a year-over-year occupancy decline in the market. The month also was the third in a row with an ADR decrease after 16 straight positive months in the metric. As of April, London's 12-month average supply growth was 3.0%.
STR analysts note that although there was a weakening of the pound in May, there was no significant increase in demand. The Royal Wedding on 19 May also did not produce a significant impact on performance.
STR will release full May results later this month. The May edition of STR's Market Forecast is available now for London and a host of other markets across the globe.
Media & Communications Coordinator - STR
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