London hotels full in November |
London, 9 December 2009 — Deloitte, the business advisory firm, has confirmed that London’s hotel market is leading the recovery in European hotel performance after 13 consecutive months of decline. October showed the first signs of revPAR (revenue per available room) growth but data for November shows a dramatic increase in hoteliers’ revenue, rising 10% compared to the same month last year.
Marvin Rust, Hospitality Managing Partner at Deloitte, said: “November has been a great month for the capital. Hoteliers reported stronger conference and meetings business over the previous year when demand was suppressed in the wake of the Lehman Brothers collapse and the other stresses in financial markets worldwide.
“The leisure market also remained buoyant with more events this year such as the ATP World Tour Tennis Finals held from 22-29 November at The O2. Soft exchange rates versus the pound continue to act as a magnet for tourists making the capital around 30% less expensive than this time last year.”
Hotel performance in Edinburgh also pushed into positive territory in the first 28 days of November while Cardiff, Birmingham, Heathrow and Manchester experienced less than 5% revPAR declines which are much improved on figures from earlier in the year.
| Month-to-28 November | Occupancy (%) | Average room rates | RevPAR | RevPAR change (%) |
|---|---|---|---|---|
| United Kingdom | 72.8 | 92 | 67 | 0.6 |
| Regional UK | 67.4 | 68 | 46 | -8.1 |
| London | 85.8 | 138 | 119 | 10.0 |
| Birmingham | 75.0 | 65 | 49 | -3.6 |
| Bristol | 69.6 | 69 | 48 | -13.0 |
| Cardiff | 70.3 | 73 | 51 | -1.7 |
| Edinburgh | 75.2 | 78 | 59 | 2.0 |
| Gatwick Airport | 65.9 | 60 | 40 | -19.2 |
| Glasgow | 81.4 | 67 | 55 | -12.1 |
| Heathrow Airport | 73.9 | 71 | 52 | -3.3 |
| Leeds | 68.8 | 60 | 42 | -14.5 |
| Liverpool | 70.1 | 69 | 48 | -25.6 |
| Manchester | 76.8 | 74 | 57 | -1.6 |
| Reading | 62.5 | 78 | 49 | -16.1 |
Source: STR Global
Notes:
All analysis in GBP
Daily and monthly data from STR Global was used to write this news release
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in 140 countries, Deloitte brings world-class capabilities and deep local expertise to help clients succeed wherever they operate. Deloitte's more than 168,000 professionals are committed to becoming the standard of excellence.
Last Updated:
Contacts
- Name:
- James Igoe
- Company:
- Deloitte UK
- Job Title:
- PR Manager
- Phone:
- +44 (0)20 7303 8247
- jigoe@deloitte.co.uk
Material on this website is © 2013 Deloitte Global Services Limited, or a member firm of Deloitte Touche Tohmatsu Limited, or one of their affiliates. See Legal for copyright and other legal information.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.