Colliers International has revealed that the hotel market in Wales and the West Country is showing signs of a return to pre-downturn buoyancy, after selling eight properties in the area within the last year.
A year ago Collier International has been instructed to sell eleven hotel properties with a combined asking price of around £13m.
Now just 12 months on and the specialist hotels team has sold 8 of them – four in Wales and another four in Gloucestershire and the Cotswolds.
Colliers has also taken on a further 12 instructions, demonstrating that the hotel market in the Wales and the West Country is positively improving.
Hotels director Peter Brunt said: “It’s astonishing to see the extent to which confidence has returned to the hospitality sector. After treading water for a number of years through the downturn it was inevitable there would be considerable pent up demand within the industry, but I think the continuing strength of the market has taken most commentators by surprise.”
Brunt believes the global appeal of the Cotswolds is key to continued interest in the area attracting potential buyers from a very wide area – in contrast to Wales where good value for money plays an equally important factor in attracting outside investment.
He continued: “The Cotswolds proved very resilient through the downturn and we continued to sell properties despite all the prevailing doom and gloom a few years ago. This underlines the global pull of one of my favourite regions in the UK.
“The Cotswolds practically guarantees year-round business from a well-heeled clientele. But the opportunity to both live and work in an area of outstanding natural beauty applies just as well whether you choose to base yourself in Burford or Builth Wells.”