Preliminary figures from global data benchmarking, analytics and marketplace insights company STR shows London’s average daily hotel rates rising for a 14th consecutive month in December, despite an increase in supply and fall in occupancy.
Average daily rates (ADR) in the capital rose by 0.4 per cent year-over-year to £148.85, despite a 3.1 per cent increase in supply.
Demand rose slightly by 0.3 per cent, although STR analysts noted that “the ‘Brexit effect’, which drove a surge in international visitors in early 2017, seems to be wearing off as the value of pound sterling continues to climb”.
Occupancy fell by 2.7 per cent to 77.9 per cent, resulting in RevPAR rates falling by 2.3 per cent to £115.99.
Major London hotel openings in 2017 included Four Seasons Hotel London at Ten Trinity Square (for a review click here), Nobu Shoreditch, The Ned (for a review click here), The Lalit (for a review click here), Dorsett City and The Mandrake.