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.
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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.