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U.K. hotel trading performance in 2023 defies expectations, with profits largely exceeding pre-pandemic levels
Research - DECEMBER 14, 2023

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U.K. hotel trading performance in 2023 defies expectations, with profits largely exceeding pre-pandemic levels

by Released

The U.K. hotel market has recorded another year of strong trading performance, according to the latest UK Hotel Trading Performance Review 2023 by Knight Frank in partnership with HotStats. Despite a particularly challenging macroeconomic environment, the sector has delivered strong revenue growth, with profits now exceeding pre-pandemic levels across most markets.

The trading performance of the U.K. hotel sector has continued to improve significantly in 2023, with London’s 12-month occupancy increasing by 16 percentage points to reach 77 percent, ahead of the United Kingdom’s regional occupancy performance for the first time since the post-pandemic recovery began and in line with historical trends.

Meanwhile, the high inflationary environment has supported pricing, with London’s ADR1 rising by 8 percent in the past 12 months and up 22 percent on its 2019 performance. The ongoing recovery of overseas visitors has been the key driver behind the signifi

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