STR: London hotels reported highest revpar since October 2022
London's hotel industry recorded its highest revenue per available room (revpar) since October 2022, according to preliminary May 2023 data from STR.
May was the first month of the year when the market's average daily rate (ADR) was above £200.
Occupancy also hit its highest level since November 2022, with figures between 23 and 27 May, one of the three bank holiday weekends in the UK, at 92.5%.
Between 16 and 18 May, the market saw three consecutive days of occupancy above 90%, which coincided with the only full business week of the month.
Daily occupancy levels were above 60% throughout the month, with only rates on 8 May to fall below that mark (57.7%).
May 2023 figures saw a 23.1% boost in revpar, an 18.9% increase in ADR and a 3.5% increase in occupancy year-over-year.
STR was founded in 1985 and provides data benchmarking, analytics and marketplace insights for the global hospitality industry.
