UK luxury hotel occupancy rises to almost 70% in 2024, but falls for budget segment

The luxury hotel market has continued to strengthen as guests have upgraded their choice of hotel, with occupancy of UK luxury hotels rising from 68.2% in 2023 to 69.8% in 2024, according to the RSM Hotels Tracker: Focus on Asset Classes.

It also found that occupancy for mid market hotels rose from 75.8% to 78.1% in the year, but fell from 78.5% to 75.3% across budget hotels.

The data shows that average room rates of UK luxury hotels rose from 2023’s £327.33 to £358.69 in 2024, even greater in London, rising from £388.85 to £432.06, mid market rates increased slightly from £133.03 to £135.75, but rates were flat for budget hotels at £97.77.

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