Key findings include an increase in supply of 3.7% and demand of 2%; a 1.7% decrease in occupancy to 78.6%; a 1.1% increase in the average daily rate to £133.77; and a a 0.6% decrease in revenue per available room to £105.16.
“Whilst London reported a 0.6% year-over-year decrease in RevPAR, absolute figures remained high at £105.00 for March,” said Elizabeth Winkle, managing director of STR Global. “An increase in supply outpaced room demand growth in the city. The new rooms in the capital put pressure on occupancy resulting in year-over-year decline; however, levels remain above 75%. ADR, on the other hand, fared well this month with growth of 1.1%.”