Regional hotels trumped their London counterparts with an impressive set of growth figures during October, according to preliminary figures from business advisory and accountancy firm BDO.
Strong conference and corporate business, reflecting growth in the wider economy, helped hotels outside the capital achieve an increase in room yield by 10.5%, driven by a 6% rise in average room rate to £59.76 and occupancy of 80.4% (up 4.3% year-on-year). Meanwhile, London hotels saw a 1.7% increase to £124.63 in average room rate. Occupancy grew by 1.1% to 88.1%, resulting in a room yield increase of 2.8% to £109.85.
"Since the beginning of 2014, a number of environmental and economic factors have created the perfect setting for UK hotels to thrive in, from the Glasgow Commonwealth Games to the warm summer and the continued rise of the staycation. This is good news for hoteliers in London and the regions and should provide a strong foundation to build on in the coming year."
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