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London records highest revpar figures of the year in July

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London records highest revpar figures of the year in July
Written by:

July saw London hotels record the highest revenue per available room (revpar) figures of the year so far, according to hotel benchmarking company HotStats.

The capital benefitted from the triple effect of the biennial Farnborough Air Show, demand resulting from guests travelling to London to avoid security threats in other European destinations and Brexit, which caused a crash in the value of sterling, making the UK a much cheaper place to visit. 

As a result, revpar increased by 7.4% to £148.62, average room rate jumped 6.5% to £167.87, and occupancy was marginally up by 0.7 percentage points to 88.5%.

Revenue increases were also recorded in food and beverage (up 4%) and conference and banqueting (up 6.8%), which contributed to a 5.8% total revenue per available room increase to £194.30. 

Overall, London hotels achieved a 9% increase in profit per room in July, the largest monthly year-on-year growth in 2016. However, gross operating profit per available room at £70.38 for the month was 3.3% behind the same period in 2015. 

All hotels surveyed by HotStats for its monthly report operate in the full-service sector.  The July figures from HotStats largely mirror those published by STR last month.

Boost in revpar figures for London hotels >>

London hotels record weak performance in June >>

Post-Brexit UK – hotel sector needs investors and foreign staff to thrive >>

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