It costs a whopping £11,700 per night to book the Royal Suite in Park Lane’s Intercontinental Hotel in Mayfair. That’s why London has been crowned the world’s most expensive city to book a five-star hotel.
According to a study by Wetherell, Dataloft and Lonres, the cost of taking a 5-star London suite is £2,050 per night – eight times more expensive than renting a furnished apartment (£248 per night).
At £746,044, the cost of taking a hotel suite for a year in London is equivalent of buying a flat in London or a country house in the Home Counties.
London’s five-star hotel occupancy rates (80%) are now amongst the highest in the world, outstripping Dubai (79%), Paris (78%), Munich (77%), Moscow (70%), Barcelona (69%) and Rome (69%).
The report points out that London has a shortage of five-star hotels which is driving prices up. There are 129,000 hotel rooms in central London but just 12% -14,900 rooms – provide five-star accommodation. These five-star hotel rooms and suites are concentrated in just five Central London districts: Mayfair, Knightsbridge, St James, Whitehall/Strand and Kensington.
Peter Wetherell, chief executive of Wetherell said: “Our new Wetherell Sleeping in London Report shows the astonishing strength of the recovery in values in the luxury hotel, serviced apartment and private rented markets in prime central London since the global recession of 2007 to 2009.
“Since 2009 hotel and rented apartment rates have risen by over 25% and the cost of renting a room and sleeping in London is now at a record high. In the hospitality sector, Mayfair takes the crown as the most expensive place to sleep in London, and one of the most expensive in the world alongside New York and Monaco.”
LONDON’S TOP-10 MOST EXPENSIVE HOTEL SUITES
1. Intercontinental Park Lane Royal £11,772
2. The Lanesborough Royal £7,769
3. The Langham Infinity £6,003
4. The Savoy Royal £5,327
5. The Mandarin Oriental Royal £5,120
6. Claridges Brook £4,444
7. The Ritz Prince of Wales £4,296
8. The Berkeley Pavilion £3,8841
9. Park Tower Hotel Lowndes £3,414
10. The Dorchester Oliver Messe £2,884