Hospitality Today Christmas 2016 - Jan 2017 - Page 26
| Hospitality Today | Christmas 2016 / January 2017
“ Whilst central and west London have suffered from a lack of new supply , rising regeneration opportunities in the east has tempted hoteliers to seek out new areas in which to invest , particularly The City and Shoreditch .”
The City of London has confirmed plans for over 1,900 extra rooms , which would take the borough to a total of 8,476 hotel rooms available by 2019 , whilst Tower Hamlets has over 1,700 extra rooms in the pipeline . Westminster has the most hotel rooms , at over 37,000 .
Hackney , which includes Shoreditch and Old Street , currently has only 2,200 active hotel rooms available , however it has the most active development pipeline , with 50 % growth expected by 2019 , almost double the pipeline in The City ( 29 %).
Hall continues : “ The popularity increase in the east of London has not gone unnoticed by hotel investors . We ’ ve recently seen both Citizen M and The Courthouse Hotel open their doors in Shoreditch , and many other well known brands are looking to establish themselves here as well .”
Citizen M Courthouse Hotel , Shoreditch
South West Hotels on course for more profit
Meanwhile profit per room at hotels in the South West fell by 5.0 % year-on-year in October , but remained on course for a third consecutive year of growth in 2016 , according to the latest data from HotStats .
Further to the growth in 2014 (+ 9.5 %) and 2015 (+ 11.7 %), GOPPAR ( Gross Operating Profit per Available Room ) at hotels in the South West has increased by 2.6 % year-to-date 2016 , to £ 33.02 .
Hotels in the South West have recorded a 30.9 % increase in profit per room in the 36 months to October 2016 , to £ 32.51 .
International tourism boosts Edinburgh hotels
Hotels in Edinburgh recorded an 18.4 % increase in profit per room in October , which was primarily fuelled by growth in international visitors .
As a result of top line increases in both room occupancy (+ 1.9 %) and achieved average room rate (+ 10.1 %), hotels in the Scottish capital recorded a 12.7 % increase in RevPAR ( Revenue per Available Room ) for the month , to £ 92.29 .