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PwC: London hotels report 'great year'
Hotel operators in the capital reported a 'great year' in 2010 as RevPAR passed the £100 mark, according to new research from PricewaterhouseCoopers (PwC).
Last year, the capital's hoteliers saw average room rate grow by 9 per cent to £126, while RevPAR was up by 11.4 per cent to nearly £104. PwC revealed that growth is expected to continue during 2011 albeit at a more modest rate, but has warned public sector cuts and new supply could have a negative effect.
Demand in 2012 is estimated to reach its peak in the third quarter but PwC said a reduction in demand and surplus room supply could affect London trading after the Olympic Games. PwC head of hotels research Liz Hall said: "January 2011 seems to have started quite well, with London showing 6.7 per cent RevPAR growth and the provinces 2.6 per cent, but there is plenty to worry about that could derail this good progress.
"But it is what happens once the Games are over that really matters, particularly for London with its significant amounts of new supply coming on in 2011 and the first half of 2012."
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