September 2022, Virtual
September 29 2022, Virtual
Now in its 27th year, the Business Travel Awards
THE SUPPLY OF LUXURY hotel rooms in London will increase by more than a quarter by the time of the Olympic Games, research by PricewaterhouseCoopers (PwC) concluded.
The professional services firm said 18 luxury properties were under construction or being planned, which would add 2,400 rooms to the capital's deluxe inventory, a 27 per cent increase. This year will see a flurry of new openings, including the first W Hotel in London, the Corinthia in Whitehall Place, due to begin trading this month (March), and the St Pancras Renaissance, which opens in May.
PwC's head of hotel research, Liz Hall, said many hoteliers believed these openings would create a "halo effect" on London's business. "Many of the hotel operators we have spoken to did not expect to see a significant negative impact on revenues as a result of the new supply opening, although some admitted a 27 per cent increase will impact trading," she said.
The report also found that some properties in the capital had a much higher suite-to-room ratio following recent refurbishments. The Four Seasons on Park Lane, where almost one-third of the 192 rooms are now suites, was cited as an example.
PwC estimated that average luxury room rates in 2010 were £254, compared to £228 in 2009. The 2010 luxury rate was double that of the average for all London hotel rooms.