London hotel occupancy rate - additional information
The highest occupancy rate for London hotels during this timeframe was forecasted for the third quarter of 2012 at 91.9 percent. A much lower occupancy rate of 75.2 percent was forecasted for the first quarter of 2013. When measuring the performance of a hotel, the occupancy rate is just one benchmark. In order to get an accurate indication of performance, the average daily rate (ADR) and the revenue per available room (RevPAR) should also be assessed.
As well as having a high occupancy rate in the third quarter of 2012, a high average daily rate was also forecasted for this time. This is likely to have been the case due to the Olympics being held in London from July 27 to August 12, 2012 – an event which cost more than 10 billion British pounds. The largest expense of the London 2012 Olympics was the venues, which cost around 2,700 pounds. Other large expenses included the Olympic Village and media centers and counter-terrorism operations.
London is the largest city in the United Kingdom, attracting nearly 15.5 million tourists in 2012. Edinburgh was the second most popular city, but a much smaller number of 1.26 million people visited there that year. London is generally an expensive place to visit, especially for business travelers for whom it was the sixth most expensive city in the world outside of the U.S. As the costs of living are so high, people working in London tend to earn more than their counterparts in the rest of the country. A hotel manager working in London could expect to earn anything from 50 to 200,000 British pounds a year.