Hotel rates in London reached a new monthly record high in July with an average daily rate of £234.58, according to figures from hotel industry analyst CoStar.
The UK capital also achieved a new milestone for revenue per available room (RevPAR) last month at £207.93 as London’s overall hotel occupancy climbed to 88.6 per cent, which was the highest monthly level recorded since July 2018.
CoStar attributed London’s record performance to the hosting of the Wimbledon tennis championship and a string of concerts by UK rock group Oasis during July.
Earlier this summer, Paris also set new records for ADR (€514.05) and RevPAR (€443.72) during June, according to CoStar.
This performance was again attributed to the city hosting several high-profile events, such as Paris Men’s Fashion Week and two Billie Eilish concerts.
Hotel prices in major European cities have soared in the years following the Covid-19 pandemic. Research from Advito showed that rates were continuing to rise strongly in Europe this summer despite “cooling” in other parts of the world.