With the summer travel surge concluded, London’s hotel industry showed more normalized levels of growth, according to preliminary September 2023 data from CoStar, provider of online real estate marketplaces, information and analytics in the property markets.
September 2023 (year-over-year % change):
- Occupancy: 84.3% (+3.1%)
- Average daily rate (ADR): GBP208.51 (+2.6%)
- Revenue per available room (RevPAR): GBP175.75 (+5.7%)
Measured against strong performance in September of 2022, the ADR and RevPAR increases were London’s lowest this year. The market’s occupancy increase was the second lowest of 2023, behind July (+2.0%). Regardless, 84.3% was London’s highest September occupancy since 2019
When looking at the daily data, London posted its highest occupancy levels during the Defence and Security Equipment International exhibition on Wednesday, 13 September and Tuesday, 12 September (at 94.6% and 94.2%, respectively). The market’s daily occupancy levels remained above the 70.0% mark throughout the month apart from Sunday, 3 September (66.3%).
