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Horwath HTL UK’s Hotel, Tourism, and Leisure has released their March 2024 Monthly Roundup report, offering a detailed glimpse into the country’s hospitality, tourism, and leisure sectors.
Here’s what’s inside.
Looking ahead, despite concerns over increasing cost pressures for consumers and businesses, forward-looking data indicates stable occupancy and modest rate growth. VisitBritain predicts a 4% increase in international arrivals to reach 39.5 million this year, fueled by the return of long-haul Asian travellers complementing the already robust European and US visitation.
In addition, recent months have seen a surge in transaction activity, with significant acquisitions including Deka Investment’s purchase of the upscale 173-room Ruby Zoe Hotel & Bar in London’s Notting Hill for £52.8 million (£304,740 per room) and Singaporean group Sun Venture’s acquisition of Hyatt Place London City East for £100 million (£357,000 per room) in February. March witnessed further activity, highlighted by LondonMetric’s acquisition of LXi REIT, which includes its portfolio of 144 UK hotels, for £1.9 billion. Additionally, Hilton Hotels made headlines with the acquisition of the Graduate chain for a deal totaling $210 million.
Other Key Highlights and Insights
With the focus on these significant hotel developments, emerging tourism trends, and exciting leisure opportunities. Within the report, Horwath HTL UK details Radisson Hotel Group announcing the signing of its first Radisson Hotel & Serviced Apartments Glasgow. Located in Glasgow city centre, and with a target opening date of 2027, it will be the first serviced apartment offering for the Group in the UK.
Sustainability
With sustainability becoming increasingly important, the report emphasises the growing emphasis on eco-friendly practices and responsible tourism initiatives within the UK hospitality landscape.
In the realm of UK hospitality, March 2024 proved to be a month of significance, marked by resilience, innovation, and forward-thinking strategies.
With environmental consciousness on the rise, the UK hospitality sector is witnessing a pattern shift towards eco-friendly practices and responsible tourism initiatives. From implementing energy-efficient measures to promoting local community engagement, hotels and leisure facilities are embracing sustainability as a fundamental principle guiding their operations.
Looking ahead, the report highlights Horwath HTL UK’s glimpse into the future outlook for the industry, exploring potential opportunities and challenges that lie on the horizon.
