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London hotels achieve highest occupancy in Europe
London hotels are overcoming economic uncertainty and achieving record room rates, a new survey shows.
Profit in November grew by 7.9% to £82.19 per available room.
Hoteliers in the capital continued to achieve rate growth at near annual levels with an 8.9 per cent increase taking average room rate to a new high of £125.85.
Jonathan Langston, managing director, TRI Hospitality Consulting, which produced the HotStats survey, said: “London’s hotel market continued its outstanding run of rate, revpar, and profit growth in November.
“Average occupancy remained the highest in Europe. There are no signs that falling overseas spend or economic uncertainty are having any impact on the London hotel market.”
Profit and average room rate at the UK’s chain hotels continued to increase last month, according to the survey.
Across a sample of 462 hotels, income before fixed charges (IBFC) – also known as gross operating profit – rose by 5.6% to £52.81 per available room.
The average room rate increased by 7.4% to £95.03 in November, a similar rate of growth to the 7.2% achieved during the year so far.
But there was minimal improvement in profitability across the rest of the country, with daily IBCF PAR increasing by just 1.2% to £36.42.
With occupancy falling slightly and payroll costs edging up by half a percentage point, a 4.5% improvement in rate to £74.82 was responsible for the marginal profit growth, the TRI report said.
Some cities, such as Aberdeen, Brighton and Edinburgh, “vastly outperformed” the provincial average in both actual profit per room and its growth.
by Phil Davies
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