London hotel occupancy dipped 0.6% to 82%, according to preliminary May data from STR. ADR, however rose 1.6% to £147.76 ($188.23), which drove RevPAR up 1% to £121.17 ($154.36).
STR’s preliminary May 2019 data for London indicates higher room rates.
Based on daily data from the month, London reported the following in year-over-year comparisons:
• Supply: +1.8%
• Demand: +1.2%
• Occupancy: -0.6% to 82.0%
• Average daily rate (ADR): +1.6% to GBP147.76
• Revenue per available room (RevPAR): +1.0% to GBP121.17
The decline in occupancy was due to supply outgrowing demand. STR analysts note the ADR increase was primarily due to the Chelsea Flower Show (21-25 May), which pushed the metric to its peak for the month (GBP182.33) on the first day of the event.
STR will release full May results later this month.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.