London room rates drop in May
Room rates fell in London during May, according to preliminary results from STR Global.
Average daily rate and revpar decreased by 10.8% to £125.91 and by 10.1% to £107.04 respectively, while occupancy remained virtually flat with a slight 0.8% increase to 85%.
Demand for hotels was up 4.1%, slightly ahead of the 3.3% increase in supply.
Business in London was buoyant as a result of the RHS Chelsea Flower Show and the HSBC Sevens World Series, but it was not enough to grow figures in comparison with May 2014.
New bedrooms in London squeeze hotel occupancy figure for March >>
Record February performance for London hotels >>
London hotels see strong demand and revpar rise for January >>
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