Recovery in the London hotel market during 2002 was disappointing, according to a new survey by PKF.
The London Trends 2003 report reveals that the average room rate fell by 5.9% to £102.26. Although occupancy increased slightly – up 2.1% to 74.2% – yield was still down 4% to 75.9%.
PKF hotel consultancy services managing director Melvin Gold said: “The London hotel market took quite a battering during 2001, so even the small rise in occupancy is really just a slight improvement on a very bad year. In fact occupancy levels have only been lower in five years since we began reporting on the market in 1973. We had hoped to see a much better recovery during 2002.”
The PKF survey costs £225. For further details contact [email protected]
