London hotel room profits grow

London hotel room profits rose almost 18% in January 2007 compared to the previous January. The preliminary figures for London hotels show average daily room profit in January 2007 was £86.94, according to latest data from business advisory firm PKF’s hotel consultancy arm. Last year’s figure of £73.72 had been the highest for London since the Millennium. PKF said the growth was driven by a 13% increase in the average room rate - from £107.48 in January 2006 to £121.49 this year - and a 4.3% rise in daily room occupancy, to reach 71.6% this January. PKF hotel consultancy services partner Robert Barnard said: "It is astounding to see the London market performing so strongly, especially at a time when three recent interest rate rises have made their mark on the economy. January is also a time of year which is not renowned for growth, so with the rest of 2007 in front of us, it is very encouraging to see such a positive start." Elsewhere in the UK, regional hotels’ daily room profit grew 5.6%, from £39.56 in January 2006 to £41.78 in January 2007. PKF said the growth was driven by an average room rate rise of 3.3% - from £67.37 in January 2006 to £69.61 this January - and a 2.2% room occupancy rise to 60% in January 2007.

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