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London Hotels Feeling the Pinch

LONDON-The US-led economic slowdown is finally having an impact on London's hotels according to research released today. Agency Jones Lang LaSalle Hotels says that both occupancy and room rates are starting to dip.

By Steve Killick | Updated on September 05, 2001

LONDON-London’s hotels are starting to feel the pinch from the US economic downturn according to figures released today. London-based Jones Lang LaSalle Hotels has reported a slowdown in both occupancy and room rates for the seven months to July. The London Tourist Board has says there was potential for a drop of between 15% and 20% in 2001, with the biggest fallout coming from the US.

Quality hotels in the capital showed an average occupancy of 75% up to the end of July compared with 77.9% last year. Hotels have suffered particularly from a softening in US visitors, which provide a high proportion of take-up at the upper end of the market. In addition, the outbreak of foot and mouth disease has also played an indirect role in reduced numbers of visitors.

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