The UK hotel industry will see slower growth this year after an ‘impressive 2007’ but should still’ weather the current global economic storm’, according to a report published today.
The report – Hotel Britain 2008 – published by accountants PKF reviews the performance of 644 hotels representing over 100,000 rooms across both London and the regions.
Robert Barnard, hotel consultancy services partner at PKF Accountants & business advisers, said budget hotels will benefit as consumers tighten their belts and spend less.
Last year the budget/tourist hotels saw the largest rooms yield growths in both London and the regions. In London, rooms yield growth was 11.6% while the regions experienced 4.3% year-on-year growth.
Barnard said: ‘The variety and key product quality invested into the budget sector may be a key driver for a positive performance in the UK hotel market. Continued investment within the industry will ensure interest in UK hotels; however, the economic forecasts predict lower consumer spending due to the credit crunch and a slowdown on the housing market.’