London records highest RevPAR since 1994
Hoteliers in London have recorded their highest revenue per available room (RevPAR) in November since 1994, as demand outstripped supply.
Preliminary results from STR’s monthly research found supply in the capital increased by 3 per cent during the month, but this was outstripped by 8.5 per cent growth in demand when compared with November last year.
This led to a 5.4 per cent increase in occupancy to 86.1 per cent – the largest growth since July 2013 – while average daily rate (ADR) was up 2.6 per cent to £153.07.
Meanwhile, an 8.2 per cent increase in RevPAR to £131.78 was the highest absolute RevPAR for a November in London since 1994.
STR analysts noted that the results are in comparison with November 2015, when the capital’s hotel market experienced an aftershock following the terror attacks in Paris, France.