Greater London Hotels saw average room rates rise by 15.85% during the 3 professional days of World Travel Market, according to figures from The Bench, the sole provider of real time, online, daily benchmarking data. With occupancy at 95.68% and average room rates (ARR) reaching GBP174.69, overall revenue per available room (RevPAR) rose by 15.39%, compared to the same period last year.
Given the high occupancy levels of around 95% that London usually experiences during World Travel Market there is limited room for growth but average room rates have surged ahead. From a revenue management standpoint the question was: would hotels be able to maximise on the high demand or would they hedge their bets by accepting lower rates in advance? Data shows that the Greater London Hotels did maximise on room rates during the show, with rates rising by nearly GBP24 compared to last year.
James Chappell, Managing Director of The Bench said, “The performance year to date of the Greater London market has been very strong and WTM has pushed the hotels to increase their rates further as they faced little if any opportunity to increase their occupancy levels. Not only has World Travel Market offered a business platform for the tourism industry but has also contributed further to the already strong performance of the London market.”
Numbers are rounded and may not cast correctly.
The Bench uses consistent samples to ensure comparability of data.