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TravelMole Guest Comment: Hoteliers resist the urge to cash-in on Royal Wedding
Andy Storey, MD Europe for Rubicon, says hotels are showing restraint and trying not to kill the goose that laid the golden egg.
"As I mentioned in last month’s column, we can hardly move without hearing a mention of the impending Royal Wedding at the moment. So, given that we have just over a couple of months to go we thought we’d take a look, using our forward-looking data to see what hotel occupancy and pricing looks like and it seems that although London hotels are in high demand, they are resisting the urge to cash in.
Ahead of Prince William and Kate Middleton tying the knot, hoteliers in the capital are not hiking their rates despite the fact that demand for rooms has more than doubled compared to last year and are encouraging visitors to take advantage of the many rooms still available – at competitive prices! So travellers to the capital will be able to take advantage of the lower than anticipated rates – and even extend their stays, if they so choose.
The average daily rates for the week of the wedding are up just 6.4% against the same time last year even though the clamour for rooms has seen committed occupancy increase a staggering 114% year-over-year. In the two week period leading up to the wedding, our data shows that hotel guests are taking full advantage of these low rates and their chance to enjoy the capital with occupancy up an incredible 121% year-over-year, and the week after the wedding also showing an occupancy increase of 88% year-over-year. In the two weeks after the celebrations rates remain up against 2010 at 10% and 4.9% respectively.
This demand presents favourable circumstances for revenue and hotel managers during the celebration, as there is a clear opportunity for extended stays, possibly from overseas visitors. As expected, hotel occupancy for the week of the wedding itself is already more than double the same time last year and that can only be good news for hoteliers in the capital.
The lower than anticipated rate increases is evidence that hoteliers still see the recovery as fragile, and that there are still rooms available in London for Royal Wedding week – great news for travellers!"
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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