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.
