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London hoteliers spy recovery as occupancy rates hit new highs
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As economic turbulence seemingly subsides the UK hotel industry, led by London, has sighted its first glimpse of growth – PricewaterhouseCoopers LLP (PwC) is expected to reveal today.
Despite a RevPAR decline of almost 10% in 2009, the PwC report forecasts growth of over 3% this year and nearly 5% in 2011. This is attributable to a 1.8% average room rate (ARR) increase and 1.3% occupancy growth in 2010. As occupancy continues to improve (with a further 1.7% increase) ARR growth will step up to 2.9% next year.
Robert Milburn, UK Hospitality & Leisure leader, PricewaterhouseCoopers LLP, said: “Visibility is limited but reports of higher levels of transient visitors, more group conference bookings and a return of the business traveller (albeit slow) are all positive - especially for London.”
“Growth in the UK hotel industry reflects the Capital’s resilience to the recession. We think the worst is over and London looks set to build on its flourish in late 2009,” he added.
Blue skies for London
London has showcased five consecutive months of occupancy growth (September 2009 to January 2010) with occupancy in the final quarter of 2009 reaching 82.5% - a record Q4 high.
Robert Milburn, UK Hospitality & Leisure leader, PricewaterhouseCoopers LLP, said: “Visibility is limited but reports of higher levels of transient visitors, more group conference bookings and a return of the business traveller (albeit slow) are all positive - especially for London.”
“Growth in the UK hotel industry reflects the Capital’s resilience to the recession. We think the worst is over and London looks set to build on its flourish in late 2009,” he added.
Blue skies for London
London has showcased five consecutive months of occupancy growth (September 2009 to January 2010) with occupancy in the final quarter of 2009 reaching 82.5% - a record Q4 high.
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