STR’s preliminary April 2016 data for London, England, indicates relatively flat performance when compared with the same month from 2015.
Based on daily data from April, London reported the following in year-over-year comparisons:
- Increases in both supply (+2.3%) and demand (+1.7%);
- 7% decrease in occupancy to 80.0%;
- 9% increase in average daily rate (ADR) to GBP136.22; and
- 2% increase in revenue per available room (RevPAR) to GBP109.04.
Although London experienced an increase in demand due to the Easter calendar shift from April 2015 to March 2016, STR analysts note that it was not enough to compensate for the market’s continuing supply growth, resulting in the slight year-over-year decline in occupancy.
STR will release April 2016 results during the week of 23 May. The May edition of STR’s Market Forecast will be available at the end of the month.