Hotels in London got a boost from the summer sun and big-name concerts last month and saw higher occupancy but lower rates.
According to STR’s preliminary June 2018 data for hotels in London, June was the city’s first month with a year-over-year occupancy increase since May 2017. On the other hand, June was the fourth month in a row with an average daily rate (ADR) decrease following 16 consecutive months of growth.
London hotels saw a 2.2% increase to 86.1%, but the average daily rate dropped 0.6% to £160.84.
Market demand was boosted by various concerts throughout the month, such as Katy Perry, Beyoncé and Jay-Z, Ed Sheeran and the Foo Fighters. Favourable weather conditions also helped hotel performance.
Supply was up 1.9% and demand 4.1%, with a recorded revenue per available room increase of 1.6% to £138.46.