Room rates and occupancy fall in London due to Champions League
May was the first month this year to record a fall in occupancy and room rates in London hotels, as a result of comparisons with strong results a year before, according to preliminary new data from STR Global.
The UEFA Champions League final held at Wembley Stadium on 25 May 2013 resulted in a record performance for London hotels. In comparison, this May hotels experienced a 1.7% decline in occupancy to 84.5%.
Average daily rates and revenue per available room (revpar) also fell by 0.3% to £142.85 and 2% to £120.76 respectively.
Meanwhile, hotel supply increased by 1.7% and demand stayed flat.
Elizabeth Winkle, managing director of STR Global, said: "May was the first month in 2014 to report negative hotel performance for London, primarily impacted by the 2013 UEFA Champions League Final, which pushed hotel performance to new levels for the month last year.
"The rest of the year, however, looks positive all through, as the UK economy and the eurozone are expected to grow further".
STRGGlobal predict an overall increase of 5% in revpar during 2014.
Record occupancy and rooms rates in London hotel for April >>
