COVID-19 webinar summary: 5 Key Points on accommodations performance, 14 May
Knowing you might not have time to watch our full webinars, we’re pleased to continue our series of COVID-19 webinar summaries. In this latest edition, we talk performance in alternative accommodations with a focus on London.
Hostel demand down across Europe
Demand in the European hostel sector declined sharply in March 2020.
Serviced apartment performance declined globally
While serviced apartment RevPAR declined globally, high supply growth in Germany, the U.K., and the United Arab Emirates exacerbated the impacts of COVID-19.
Alternative accommodations outperform hotels
Serviced apartments and hostels in London maintained higher occupancy than hotels both prior to and during the first month with a significant COVID-19 impact.
Hostel occupancy declined the most in March
London hostels experienced the largest occupancy decline among the three sectors in March 2020, losing 46 percentage points from 2019.
COVID-19 not impacting serviced apartment average length of stay
The average length of stay in a London serviced apartment was almost nine days in March 2020 due to a high percentage of extended-stay bookings.