Demand for London hotels stays ahead of supply
The demand for hotel rooms in London is staying ahead of supply, according to the preliminary performance results for March from STR Global.
Demand increased by 1.9%, just ahead of the 1.1% growth in the supply of hotel accommodation last month.
Revenue per available room (revpar) and average daily rate (ADR) grew by 8.6% to £106.17 and 7.7% to £132.88 respectively year-on-year, while occupancy increased 0.8% to 79.9%.
Elizabeth Winkle, managing director of STR Global, said: "London closed a positive first quarter by posting the highest revpar levels of any March since STR Global began tracking hotel performance for the market in 1993.
"ADR continued to be the driving force behind this trend, off the back of a rather weak first quarter in 2013, where additional supply had an overall negative effect on rate".
STR Global will release its full March 2014 results in two weeks.
