A ROBUST recovery in the fortunes of London’s hotel industry is set to continue apace over the next year, according to new research out today.
The average room rate at hotels within the capital is set to rise seven per cent in 2010 to £124, according to the latest PricewaterhouseCoopers UK Hotels Forecast, boosted by the economic upturn and a resurgence in international and business demand. The rise is due to buoy revenue per available room (Revpar, a key industry measure) by almost nine per cent.
Room rates will rise further to £130 next year as the recovery takes hold, PwC predicts.
“London’s hotel scene continues to bask in the glory of its recovery,” said Robert Milburn, PwC’s UK hospitality and leisure leader.
“Much will depend on the wider economy, confidence and continued favourable exchange rates, but we expect London to maintain this pace.”