London hotels saw revenue per available room (revpar) slump by 19.31% in the week ending 7 September, according to figures from hospitality research company STR Global.
Revpar fell to £95.05, down from £117.80 during the equivalent week of 2007.
Occupancy decreased by 13.06 percentage points to 74.49% while average room rate dropped by 5.17% to £127.59 compared with £134.55 in the corresponding week of 2007.
STR Global is a new company formed from the merger of leading hospitality research firms Smith Travel Research (STR), Deloitte's HotelBenchmark and The Bench.
By Angela Frewin
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