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PwC: Investment in London's hotel sector to leave 'powerful legacy'
By Pete Hayman
Image: Park Plaza Westminster Bridge opened in 2010
A "considerable" level of investment in London's hotel sector since the capital was awarded the right to host the 2012 Games will leave a "powerful legacy", according to PricewaterhouseCoopers (PwC).
The city's luxury market has increased 33 per cent between 2005 and 2012, while there has been a 60 per cent growth in the budget segment's room supply.
PwC is forecasting a real average daily rate of £135.40 for 2012 - nearly £16 more than the figure for 2005, while RevPAR during the period is expected to increase 29 per cent.
Occupancy levels are also predicted to show double-digit growth between 2005 and 2012 - current indications showing 84 per cent occupancy this year, an increase of 13.5 per cent.
Liz Hall, head of hospitality and leisure research at PwC, said: "London is a city at the top of its game and the considerable investment in new hotels and improving existing ones will leave a powerful legacy for 2012 and beyond."
Click here to read more from PwC about the growth of the hotel sector in London between 2005 and 2012, and prospects for trading post-Olympics.
Image: Fae
A "considerable" level of investment in London's hotel sector since the capital
was awarded the right to host the 2012 Games will leave a "powerful legacy",
according to PricewaterhouseCoopers (PwC).
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