Hotel Occupancy in London on the Rise

Hotels in London seem to be rising up from the downturn in the economic tide as last months figures reveal positive room rates and consistently rising occupancy levels. For most hotels occupancy for last month averaged 85.8% and room rates stayed at around £138 on average.

For London hotels as well revenue for last month per each available room leveled jumped 10% from last year to about £119. These figures, released by Deloitte, are in heavy contrast with the last quarterly report released by Deloitte which showed that London’s revenue per available room was in decline by roughly 7% in September.

Marvin Rust, a Deloitte hospitality managing partner, said that November has proven to be a great month for increasing capital and revenues. He added that many hoteliers reported an increase again in business related venues such as meetings and conferences as opposed to last year which saw many of these events canceled. The business travel industry seems to be recovery from last year’s Lehman Brothers collapse coupled with the economic downturn shifting to a more positive outlook.

The leisure markets, however, are also bringing in customers and remaining buoyant with events like the ATP World Tour Tennis Finals bringing tourists into London and boosting the hotels in the area. Soft exchange rates are also being cited as a draw for tourists into the city. Current exchange rates have made capital for traveling 30% less expensive than the same time last year.

Edinburgh also saw an increase in revenue per available room for the month of November climbing 2% for a total of £59 on average per available room. The city also saw an increase in occupancy rates with 75% of rooms retaining occupancy throughout last month.