London hotel RevPAR highest since October 2022, says STR

STR's preliminary May 2023 data shows that London’s hotel industry reported its highest revenue per available room (RevPAR) since October 2022.

Claire Jenns June 16 2023

In May 2023, London's hotels saw their highest revenue per available room (RevPAR) since October 2022, according to hospitality benchmarking data company STR.

The data, which examines year-on-year change, finds that RevPAR was £164.54, showing a rise of 23.1% for London hotels.

Occupancy was at 80.5%, which is an increase of 3.5% and was the city's highest level since November 2022.

It peaked on 23 and 27 May (92.5%), across one of the three bank holiday weekends in the UK that month, leading to extended vacation travel.

The market also saw three consecutive days of occupancy above 90% (16-18 May), which coincided with the only full business week during the month.

Daily occupancy levels remained above 60% throughout the month with only one day falling below that mark (8 May, at 57.7%).

The average daily rate (ADR) was £204.52, an increase of 18.9%. May was reportedly the first month in 2023 with the market’s ADR above £200.

GlobalData’s analysis of the UK’s travel and tourism industry finds that the key players are HK & Shanghai Hotels, Arora Group and the PPHE Hotel Group.

RevPAR has been rising across the international hotel industry in 2023 so far, with Canada seeing consistent RevPAR of over C$100 for three consecutive months, while Bogota, Colombia, achieved the highest RevPAR ever recorded in the country.

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