UK: STR Global and ASAP have released a summary of UK serviced apartment performance for Q1 2014.
The companies say the data “continues to reflect on-going optimism in the sector, as performance pushes towards pre-recession peaks”.
The report says “serviced apartments in the UK regions have successfully leveraged on resurgent corporate demand with a +10.2% March year-to-date, year-on-year increase in average daily rate, alongside reasonable occupancy growth (+2.7%) to 72.2%. Conversely, operators in Greater London pushed occupancy to 77.8% over quarter one. Despite rate slipping back by -7.4% based on the previous year, revPAR grew by an admirable +2.2%”
Joe Stather, business development manager of STR Global pointed out the performance of the Scottish capital: “With the Scottish vote for independence looming, and largest line-up ever announced for the Festival Fringe; Edinburgh is a city set to make waves beyond the Lothians in 2014. Serviced apartments in the historic city achieved quarter one occupancy levels of 68.5%, up 15.5% on the same period of 2013. RevPAR, as a result reached an encouraging average of £57.48 GBP for quarter one 2014, leaving many confident that Edinburgh operators will have no trouble capitalising on a packed events calendar,
including the Ryder Cup at nearby Gleneagles in September.”
James Foice, managing director of the ASAP said: “We are delighted that, as a result of our new partnership with STR Global, we can for the first time release more in-depth occupancy data to our members. The performance data for individual key cities as well as for different regions of the UK is invaluable for our members in benchmarking the performance of their own business against the sector overall in a specific geographic area. It is very encouraging to see that 2014 has started extremely well and indications are that the second quarter will deliver even more promising occupancy figures for our sector.”
Joe Stather of STR Global will be presented more information on the serviced apartment sector at next month’s Serviced Apartment Summit in London.
www.strglobal.com
www.theasap.org.uk
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