London’s hotel sector reported gains in August, with key performance criteria showing signs of improvement during the month.
Supply (+2.3%) and demand (+0.5%) increased, while the average daily rate rose 4.2% to £141.59 and RevPAR rose 2.4% to £120.90. The occupancy rate decreased slightly (-1.8%) to 85.4%.
London hosted the European Society of Cardiology (ESC) Congress from 29 August through 2 September.
According to STR Global analysts, London hotels have seen consistent growth in transient demand but a decline in group demand with lower rates available outside of the capital. In addition, the weakening of the Euro against the British Pound continues to lead to more affordable outbound travel from the market. Even with those factors and an increase in supply, London’s absolute occupancy in August eclipsed 85.0%.
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