UK: The serviced apartment sector in the UK recorded a 5.5 per cent increase in REVPAR during H1 2017 according to new figures from STR and ASAP.
Compared with the same period last year, the UK serviced apartment sector recorded a 1.7 per cent growth in occupancy to an actual level of 79.2 per cent. ADR increased 3.8 per cent to £139.08. Rate growth for the country was fuelled by a 10.3 per cent ADR increase in London £185.58, while the capital’s occupancy rose 4.8 per cent to 81.5 per cent. Regional UK (UK excluding London) reported a 1.4 per cent decline in occupancy to 76.9 per cent, although ADR increased 1.1 per cent to £90.27.
London accounts for roughly 55 per cent of the UK’s serviced apartment supply.
“After a challenging 2016, it’s good to see our sector delivering strong half-year results,” said James Foice, ASAP chief executive. “The signs are that this will continue over the summer months and into the fall and this is also borne out by our recent sentiment survey with Savills where operators reported that their operational performance was improving on 2016. London’s performance is particularly impressive with the strong increase in leisure business a key factor in this growth.”</p
