Did the hotel industry win any gold with London Olympics?
The reality hit the London hotel sector pretty quickly, after the high of the Olympics: it is business as usual amidst the difficult economic environment, and London’s RevPAR is expected to decline 1% during 2013, before possibly picking up in 2014.
That’s the question this new STR Global/Deloitte report asks and then tries to answer it. While the games were a huge success and UK’s image got a huge boost out of it, the report talks about the immediate impact for London’s hospitality and leisure sectors, how it compared to past host cities and what does all this mean for hoteliers looking at Rio, the next Olympic host city.
Some charts below illustrate that trends, and the full report embedded after:
1) Prior host cities and the effect on tourism as a result of hosting the Olympics:
2) The effect on London for the Olympic and Paraolympic period last year:
3) Prospects for Rio: Hoteliers need to be realistic about the numbers of international visitors to expect, as most visitor count expectations around such events are always inflated, data shows. As a long-haul destination, a lot will depend on airline pricing, air lift and availability of charter flights, the report says.
The full report, embedded as a PDF.