Coronation Fortnight Delivers a £205m Tourism Boost to London

London will receive a tourism boost wor th over £205million during Coronation for tnight, helped by the arrival of 30,595 more overseas visitors than last year research by Key Data reveals today

The historic event has sparked a surge in bookings with international visitor numbers up 75 1% compared with the same period last year

Overall arrivals in London, including from across the UK, are 47 4% higher year on year This compares with just a 9% rise in the number of people taking trips in England as a whole

Analysis from Key Data, which tracks trends in the shor t term rental market, shows London can expect an extra 30,595 overseas visitors during the Coronation for tnight, totalling 71,378 foreign tourists That alone has provided the capital with an additional revenue windfall wor th an estimated £20m, including spending money and the cost of hotels and shor t-term rental accommodation

All international visitors to London will spend an estimated £67,614,561 during the first half of May1 while all 192,406 tourists in the capital will shell out an estimated £205,137,727 over the same period, providing a massive lift to the hospitality and tourism industries

Nightly rates are up approximately 16% year on year to £186 while there has been a 29 4% improvement in occupancy While the supply of hotel rooms will have remained relatively static the number of shor t term rentals available over the Coronation for tnight has climbed 6 5% on last year to 81,818

Revenue per available room (RevPAR) a key measure of revenue strength across the hospitality industr y is up a staggering 50 1% annually Shor t term rental operators in the capital are enjoying a 59 9% increase in revenue overall

Sally Henr y VP of Business Development at Key Data said:

”London will be full to bursting as royal fans from all over the world head to the capital to experience the atmosphere generated by this historic moment for themselves

“London is always a popular destination for both domestic and international tourists, driving huge numbers of visitors all year round The jump we re seeing over Coronation for tnight is testament to the pulling power of the histor y and pageantr y Britain is so famous for The crowning of a king has become the crowning glor y in London’s economic stor y this year and it’s the entire tourist industr y ’ s chance to shine on the world stage

“Shor t-term rental hosts are really feeling the benefit because they’re the cornerstone of London’s tourism economy Occupancy, average daily rates and RevPAR are all up, but so are the number of proper ties on offer This speaks to how the shor t-term rental industr y has this incredibly impor tant flexibility built in, which the traditional hotel industr y just cannot offer ”