The performance of regional hotels was a little more encouragingwith only a 1.7% drop in occupancy and a 1.5% increase in room rateyear-on-year.
Although room occupancy levels in London have been falling sincethe beginning of 2001, largely as a result of the downturn in theUS economy, the further plunge in occupancy levels experiencedsince 11 September is directly attributable to the fall off in USvisitors in the aftermath of the atrocities. The number of hotelrooms occupied by American visitors during the whole month droppedby 45.5% although the percentage fall after 11 September is likelyto be much higher.
There was also a 39% drop in the number of rooms occupied byJapanese visitors although the domestic market was unaffected andother markets were broadly in line with the prevailing trendsthroughout this year.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
