Archive for the Economy Category

London hotels suffer decline in occupancy

Preliminary data from STR has indicated a year-on-year decline in occupancy levels for London hotels. Occupancy fell by 2.7% to 82.3% compared to the same period last year. STR analysts note that London’s occupancy decline was a result of the spike in supply. The number of rooms sold in the market went up, but supply grew at a quicker rate. On the other hand, the figures suggest a growth in the average daily rate (ADR) compared to last year’s data with an increase of 3% to £143.28. There has been a 4% increase in supply and a 1.2% increase in

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Currency fluctuations and visa trouble putting young travellers off UK, study finds

The UK is seen as a less attractive holiday destination due to visa controls and currency fluctuation, a survey by British Educational Travel Association (BETA) has found. The traditional markets for the UK such as Europe – which accounts for 77% of all youth travel to the UK – have either peaked or are shrinking. The publication, ‘Unlocking the Value of Youth Student & Educational Travel’, found that 21% of respondents initially wanting to visit to the UK changed their minds mostly due to lower costs of living. Some 1.5 million youth and student travellers from 60 countries worldwide took

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UK economy set for boost as nearly 7m plan bank holiday staycations

VisitEngland’s August Bank Holiday Trip Tracker survey published today (23 August) shows 6.9 million Brits are planning an overnight holiday trip in the UK this weekend, bringing an estimated £1.7bn boost to the UK economy. The figures show an increase on last year’s results when 5.1 million adults in Britain planned to take an overnight holiday trip in the UK during the August bank holiday weekend. John Glen, tourism minister, said: “Tourism is a key economic driver and job creator and we want every part of the UK to benefit. It is fantastic that so many people are planning a

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UK’s ‘fifth season’ leads to rise in bookings for bed and breakfasts

Bed and breakfast properties have seen an influx of bookings due to the UK’s ‘fifth season’ between summer and autumn, online booking specialist Eviivo’s quarterly National B&B Index has found. Dubbed ‘Sortumn’, the “predictable” warmer September and October months has led to a 61% year-on-year rise in reservations at properties which classify themselves as ‘family-friendly’. Tom Messett, director at Eviivo said: “The reliable bump up in temperature in late September and early October is attracting more and more families to Britain’s bed and breakfasts. The low, golden light, balmy not-too-hot temperatures, relatively warm sea and comparative peace and quiet are

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UK hotels post record H1 performance

The first six months of the year produced the UK hotel industry’s highest occupancy, average daily rate (ADR) and revenue per available room (RevPAR) for any first half on record, according to data from STR. When compared to the same period last year, there was a 1.7% increase in occupancy to an actual level of 75.1%, a 4.7% increase in ADR to £89.33 and a 6.5% increase in RevPAR to £67.12. STR analysts note that the devaluation in the pound sterling following the Brexit vote has resulted in strong tourism growth for the UK, benefitting the country’s hotel sector. According

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