This summer’s we weather has done little to dampen the UK hotel industry, as London enjoys the highest occupancy of any European city this year. The Independent
A survey by Deloitte shows that, despite fears about the impact of higher interest rates on consumer spending and the dreadful summer weather, the UK hotel market has maintained high levels of growth during the six months to the end of June.
Across the UK, revPAR, or room revenue per available room, the Benchmark measure for the industry, increased 8.3%. Several cities posted double-digit increases. High demand in the capital has allowed hoteliers to increase their rates, which has led to London hotels generating revPAR growth of 12.8%.
Marvin Rust, hospitality managing partner at Deloitte, said: ‘The continued growth of global financial services and merger and acquisition activity is leading to strong demand for London hotels. With occupancy exceeding 80%, we would expect average room rates in London to grow significantly in the next year reflecting the 'full' status of the city.’