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July 23, 2012

London hotel occupancy in June 2012 declines by 9% YoY

Hotel occupancy in London during June 2012 declined by 9% to 82%, down from 90.1% in June 2011, owing to economic concerns at home and overseas, according to figures released by PKF Hotel Consultancy Services.

By Srivani Venna

Hotel occupancy in London during June 2012 declined by 9% to 82%, down from 90.1% in June 2011, owing to economic concerns at home and overseas, according to figures released by PKF Hotel Consultancy Services.

Room rates during the month increased by 2.2%, which resulted in a 7.1% year-on-year (YoY) reduction in rooms yield.

Hotels in the regions experienced a 3% decline in occupancy from 78.3% to 76%, which more than offset a 1% hike in room rate, causing rooms yield to sink by 2% against the 2011 figure.

PKF partner for Hotel Consultancy Services Robert Barnard said although falls in occupancy were conspicuous across the country in June, London hotels continued to sell well over 80% of their available rooms during June 2012.

"A lack of confidence in the domestic economy and the Eurozone’s ongoing problems, which intensified in June with the uncertainty surrounding Greece’s continued participation in the single currency and the Spanish banking bailout, will have undoubtedly contributed to these results," Barnard added.

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"Hotel operators throughout the UK expect the Olympics and Paralympics to have a significant effect."

The hotel sector in the UK will be hit if businesses and individuals in ailing EU economies curtail their spending, as Europe accounts for as much as 75% of Britain’s overseas visitors.

Hotel operators throughout the UK expect the Olympics and Paralympics to have a significant effect however.

PKF (UK) is a member firm of the PKF International (PKFI) network of legally independent member firms and its hotel trends surveys feature a broad range of hotels across the UK.

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