London hotels appear to have finally come out of their downward spiral last month to post positive rates and occupancy levels.
Occupancy averaged 85.8% and room rates £138. While revenue per available room (revPAR) at London hotels jumped 10% year-on-year to £119 last month, according to Deloitte.
The figures stand in stark contrast to Deloitte’s last quarterly report, which saw London’s revPAR fall 7.6% in the year to September.
Marvin Rust, hospitality managing partner at Deloitte, commented: “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.”
Edinburgh was the city that saw a positive revPAR increase in November, posting a rise of 2% to £59. It enjoyed occupancy rates of 75.2% and room rates averaging £78.
Meanwhile, Cardiff, Birmingham, Heathrow and Manchester experienced less that 5% revPAR declines – which though negative is a much-improved figure compared to previous declines this year.
• Deloitte’s report is derived from data supplied by STR Global.