LONDON may no longer be the capital city of the world's biggest empire,and it may not be among the world's foremost financial centres forever. But one area in which it still surpasses its rivals is the number of international visitors it receives: more than any other in the world in 2015. And while the city has long been an appealing destination for leisure and commerce travellers, it is currently undergoing an nearly unprecedented hotel building boom. The number of hotel rooms has risen from 129000 in 2013 to 149000 today, and according to PwC,a consultancy, and may reach as many as 180000 by 2018. Despite competition from room-sharing sites such as Airbnb, or there is still no sign of over-capacity. Last year occupancy rates reached their highest in a decade and average daily rates were higher than ever before. Why is there still so much demand for hotel rooms in London?One tremendous market for London's hotels is international visitors. But it is one which is running out of steam. Total spending by overseas visitors was flat in 2015 compared to the previous year,according to official figures...
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Source: economist.com