United Kingdom
United States
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Hotel industry fortunes blow hot and cold
According to PKF’s monthly review, the UK hotel market experienced a disappointing December, with the volatile pattern for 2002 continuing to impact on the recovery of the industry.
London hotels continued to see occupancy grow, with an 8.4% rise to 66.8%, but average room rate slipped slightly, down 1.8% to £93.04, leaving rooms yield up 6.5% to £62.15. However, the capital was boosted by a welcome increase in European and Japanese guests during the month.
Regional hotels struggled to grow rooms yield and recorded a marginal 0.6% increase to £34.27, on the back of a minor 0.4% dip in occupancy to 58.8% and a 1.0% rise in average room rate to £58.31. Whilst fairly flat the figures would have been slightly affected by Christmas falling in the middle of the week, reducing the number of ‘normal’ trading days in the latter part of the month.
Commenting on the figures, Melvin Gold, managing director of hotel consultancy services at PKF, said: “We are continuing to see hoteliers concentrate on the robust strategy of growing back occupancy, prior to yield-managing towards higher achieved average room rates. Once occupancy has increased we will see average room rates pick up again. But, in London, while year end figures are likely to show occupancy levels higher than those in 2001, unfortunately they will still be below 75% – a disappointing level by historic standards.”
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