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London chain hotels are ”holding steady” despite the upheavals on the world financial markets.
Figures for August from TRI Hospitality Consulting HotStats” survey showed the UK capital”s chain hotels enjoyed a 2.1% increase in gross operating profit of ”49.69 per available room.
The rise was driven by a 5.2% increase in rates to ”105.89.
David Bailey, TRI”s deputy managing director, said: ”Changes in global financial markets are becoming increasingly volatile and dramatic.
”Given London”s maximum exposure to such events, hotel performance has remained remarkably steady over recent months.
”Although down on last year, average rate growth is still ahead of 2005 and 2006 levels.”
But TRI reported that profitability at UK regional chain hotels dropped during the month.
Gross operating profit was down by 3.7% and sales fell by 2.4% while there just a0.5% growth in rates.
”Even in August business demand remains crucial for branded chain hotels, which reported a significant year-on-year reduction in corporate and conference room lets,” Mr Bailey said.