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London hotels on the up
London hoteliers have had an optimistic start to the summer following a positive performance in May.
Hotel occupancy rates were up to nearly 77% in May, up from 74.5% last year according to hotel consultants, PKF. More crucially the occupancy rates were up from 2002 – pre the war in Iraq and Sars – when occupancy was at 74.5%.
The downside was that rates have failed to catch up. Average room rates were £103 in London last month, up 9% from last year, but still down on 2002 when rooms in London were going for an average £107.
Outside London occupancy rates were up 4% to 73% and room rates also increased 4% to around £64.55. This is also up on 2002 when occupancy was 71% and rates £64.
Hotel consultancy services director at PKF Robert Barnard, said: “These positive figures do not tell the full story – with London only just catching up to 2002 levels in occupancy and yet to return to 2002’s performance for both room rate and rooms yield. Clearly the capital’s hoteliers still have some work to do to win back the ground lost as a result of last year’s war and problems such as the threat of SARS.”
Report by Ginny McGrath
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