Oxford Circus in London - Source WTTC
  London Hotels Report Highest RevPAR Since October 2022

London’s hotel industry reported its highest revenue per available room (RevPAR) since October 2022, according to preliminary May 2023 data from STR.

May 2023 (year-over-year % change)

  • Occupancy: 80.5% (+3.5%)
  • Average daily rate (ADR): GBP204.52 (+18.9%)
  • Revenue per available room (RevPAR): GBP164.54 (+23.1%)

May was the first month this year with the market’s ADR above GBP200. In addition, the occupancy level was London’s highest since November 2022.

London’s occupancy peaked on 23 and 27 May (92.5%), which was one of the three bank holiday weekends in the U.K., leading to extended vacation travel. The market also saw three consecutive days of occupancy above 90% (16-18 May), which coincided with the only full business week during the month.

The market’s daily occupancy levels remained above 60% throughout the month with only one day falling below that mark (8 May, at 57.7%).

STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.