Hotels in London recorded a 2.6% decline in profit per room in 2016 in spite of a 0.5% increase in RevPAR,

The devil is in the detail as always but what it looks like is further sectorial profit shift from hotels to OTAs. From a hoteliers point of view, if ever RevPAR was a KPI (and I have argued in the past that it was never the pure goal that many suggested) those days are waning because of the different costs of acquisition of occupancy. There is a real role for CFOs and Financial Controllers to refocus their business to understand Contribution by Channel or even Contribution by Customer rather than simplistic RGI / RevPAR goals which may in fact lead decision making in the wrong direction