Average daily rate (ADR) refers to the average price a room is sold for - it is calculated as room revenue divided by rooms sold. As a result of the coronavirus (COVID-19) pandemic, the average daily rate of hotels in London in the United Kingdom dropped in 2020 and 2021 to 95 and 92.4 British pounds, respectively. The ADR was forecast to grow in both harsh and mild winter over 2022 and 2023, with 2023 seeing figures higher than those pre-pandemic.
Other important KPIs of the London hotel market
As one of the most popular tourist destinations in Europe, London’s hotel market was in a prime position for growth and stability. However, as with average daily rates, the hotel occupancy rates in London were drastically impacted by the global coronavirus pandemic in 2020 and 2021, seeing a significant decline. RevPAR in London hotels was impacted similarly. However, these KPIs are also expected to see growth in the years of 2022 and 2023.
London vs. the rest of the UK
While London takes advantage of consistently high tourist numbers, the hotel market across the rest of the country faces more difficulties with demand. The impact of COVID-19 on hotels outside of London was even more pronounced, as seen in the decline of occupancy rates outside of London. Similarly, ADR in regional cities also declined during this time.
Average daily rate of hotels in London (UK) from 2019 to 2021, with a forecast to 2023
Characteristic
Average
Harsh winter
Mild winter
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PwC. (November 7, 2022). Average daily rate of hotels in London (UK) from 2019 to 2021, with a forecast to 2023 [Graph]. In Statista. Retrieved July 27, 2024, from https://www.statista.com/statistics/323752/annual-hotel-adr-in-london-uk/
PwC. "Average daily rate of hotels in London (UK) from 2019 to 2021, with a forecast to 2023." Chart. November 7, 2022. Statista. Accessed July 27, 2024. https://www.statista.com/statistics/323752/annual-hotel-adr-in-london-uk/
PwC. (2022). Average daily rate of hotels in London (UK) from 2019 to 2021, with a forecast to 2023. Statista. Statista Inc.. Accessed: July 27, 2024. https://www.statista.com/statistics/323752/annual-hotel-adr-in-london-uk/
PwC. "Average Daily Rate of Hotels in London (Uk) from 2019 to 2021, with a Forecast to 2023." Statista, Statista Inc., 7 Nov 2022, https://www.statista.com/statistics/323752/annual-hotel-adr-in-london-uk/
PwC, Average daily rate of hotels in London (UK) from 2019 to 2021, with a forecast to 2023 Statista, https://www.statista.com/statistics/323752/annual-hotel-adr-in-london-uk/ (last visited July 27, 2024)
Average daily rate of hotels in London (UK) from 2019 to 2021, with a forecast to 2023 [Graph], PwC, November 7, 2022. [Online]. Available: https://www.statista.com/statistics/323752/annual-hotel-adr-in-london-uk/