In 2017, there was a 37% increase in new build hotels in the UK, which led to 2.4% growth in total UK hotel supply.
New build hotel growth has continued its upward trajectory in 2018 and Knight Frank, in their report UK Hotel Development Opportunities 2018, have forecast the UK hotel market will grow by 3.3% this year, surpassing 2017 and equating to over 21,000 new hotel rooms. In fact, in the first six months of 2018, 5,200 new hotel rooms opened and a further 15,000 hotel rooms have been in the pipeline ever since.
This is encouraging news for commercial property specialists Savoy Stewart because it is a sign the regeneration, transformation and reshaping of several UK cities, largely through joint public/private initiatives and institutional investment, is proving successful. Change is creating opportunity for property investment and targeted hotel development in key UK cities is a prime example.
Encouraged to find out more, Savoy Stewart delved deeper into Knight Frank’s Hotel Development Opportunities report, to highlight the figures and facts which present a clear picture of what the future hotel supply will look like in the next three years (2018 to 2021.)
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