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London Hotels Suffer as Tourists Head South

LONDON-The downturn in the US economy has brought mixed blessings for the European hotel market. Despite worsening conditions, the overall performance has held up well, but London has been hit hard.

By Steve Killick | Updated on August 13, 2001

LONDON-European hotels have resisted global economic downturn with remarkable resilience according to a report just released. Andersen, the professional services organisation, has published its half year results for Europe in what it describes as ‘the most definitive health check on the current state of the European hotel industry.’

The Andersen Hotel Industry Benchmark Survey, which monitors the performance of over 3,000 hotels, has revealed that for the year to June, overall demand fell by 1.1%, reflecting the current economic climate and curtailment of some travel, particularly from the US. However, average room rates grew by 4.7%, well above the eurozone inflation.

There was a marked variance in the performance of capital and secondary cities while southern markets generally outperformed their northern counterparts. Paris, Rome, Milan and Barcelona all recorded double digit growth whilst London and Amsterdam both suffered below average growth. London hoteliers are generally finding trading conditions difficult during 2001.

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