London Hotel Market Booms
Whilst top end London hotels have had a fantastic year in London the same is not the case in the midmarket with the worse performance coming from the 3 star sector. The best performance has come from the capital’s five-star hotels, which hardly missed a beat after the terror attacks in contrast with the harder hit three and four star sectors. A surge in visitor numbers to the capital enabled five-star hotels to boost average room rate by 8.45% to £221.75, double the growth of 4.18% recorded in the same period of 2005.
Occupancy rose 6.6 percentage points to 77.04%, compared with 3.97 percentage points in 2005. As a result, revenue per available room leapt 15.
66% to £170.83 at five-star hotels, compared with 8.32% last year. Four-star hotels in the capital also progressed. Room rate grew 4.76% to £98.51, and occupancy increased 5.91 percentage points to 81.61%. This lead to a double digit revpar gain of 10.
95% to £80. But the price-sensitive three-star market found it difficult to raise room rates, which grew by just 44p to £71. Occupancy grew 5.3 percentage points to 81.04% and revpar was up 5.96% at £58. It is expected that there will be unprecedented growth in the second half of this year after the market was artificially depressed by last July’s London bombings adversely effecting the 2005 figures.
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