With the summer travel surge concluded, London’s hotel industry showed more normalized levels of growth, according to preliminary September 2023 data from CoStar.
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.
