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Serviced apartment firms in the UK have seen business pick up in recent weeks following a “slow start to the year”.
Figures from the Association of Serviced Apartment Providers (ASAP) showed that average occupancy in London was 77 per cent between January and March for its 58 members with January being the weakest month with occupancy of 72 per cent.
ASAP added that average weekly rental rates in London rose by around 11 per cent to £1,102 for the first three months of the year.
Across the UK and Ireland, occupancy was 75 per cent for the first quarter of 2013 with average weekly rental rates up by 3 per cent year-on-year to £591.
ASAP chairman David Smith said: ‘Many of our members experienced a slow start to the year, particularly in January but we are pleased to report that generally business has picked up in quarter two and are reasonably optimistic about prospects for the remainder of this year, both in London and the rest of the UK and Ireland.”
Meanwhile hotel giant Intercontinental Hotels Group said that increased room supply in London had driven down rates in the UK capital. During the first three months of this year, revpar for IHG fell by 2.4 per cent across its UK properties.
IHG last week (May 1) completed the sale of its iconic Intercontinental London Park Lane property for £301.5 million. The company will continue to run the property under a management contract secured for the next 60 years.