STR’s preliminary October 2019 data for hotels in London indicates lower demand but high room rates.
Based on daily data from the month, London reported the following in year-over-year comparisons:
• Supply: +1.6%
• Demand: -0.3%
• Occupancy: -1.9% to 87.6%
• Average daily rate (ADR): +1.7% to GBP162.07
• Revenue per available room (RevPAR): -0.3% to GBP141.97
The absolute ADR level is the highest for any October in STR’s London database, while the demand decline would be the first for the market since October 2016. STR analysts note that the month’s steepest declines in occupancy (-11.2%) and RevPAR (-11.7%) came on 31 October, the previous Brexit deadline.
STR will release full October results later this month.
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