London hotels reported the largest October declines for occupancy and average daily rate (ADR) since 2001 last month, according to the latest performance figures from hotel data company STR.
The year-over-year percentage changes mark the sharp declines, with a 7.7% decrease in ADR to £149.72 and an 11.4% decrease in revenue per available room to £127.23.
STR analysts note that steady supply growth continued in the market, while demand dropped across both weekday and weekend business. Thus, the market failed to recapture the high performance levels seen around this time last year with the Rugby World Cup.
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