STR‘s preliminary February 2021 data for London hotels shows slightly better performance compared with the previous month, albeit at low levels influenced by continued restrictions in the U.K.
In addition to low absolute levels, year-over-year declines remained significant.
- Occupancy: 23.3% (-69.5%)
- Average daily rate (ADR): GPB57.52 (-56.9%)
- Revenue per available room (RevPAR): GPB13.40 (-86.9%)
The absolute occupancy and RevPAR levels were up slightly from January 2021, but the ADR level would be the lowest for any month on record in the market. Year-over-year percentage changes will soon turn positive due to comparison with the earliest pandemic-affected months from last year. STR forecasts more significant improvement in absolute levels during the second half of the year.
All of STR’s COVID-19 analysis can be found here.