ASAP Business Partner STR’s Q1 results for the UK serviced apartment sector confirm that it has been a more challenging start to the year, with occupancy for the UK as a whole down 1.5% to 74.9% compared with Q1 2017.
Meanwhile, average daily rate (ADR) rose 3.5% to GBP133.87, resulting in a 1.9% growth in revenue per available room (RevPAR) to GBP100.31.
James Foice, Chief Executive of the ASAP, comments:
“We know that Q1 of this year has proved to be more challenging for some operators, following on from the strong
growth last year. One of the reasons behind this is that inbound leisure business is slightly down on last year largely
due to the pound having strengthened against the Euro, the US dollar and the Chinese yuan in recent months but
it’s good to report that the majority of operators in our rapidly expanding sector remain upbeat regarding prospects
for the rest of this year. The sector’s expansion continues as planned with over 2,000 new apartments set to open in
2018 and further new developments expected to be announced later in the year.”