Colliers International has reported that hoteliers could claim up to £145,000 per hotel on overpaid business rates, as long as they lodge their appeal by March 31.
The commercial real estate company analysed the number of hotel assessments in each region nationally along with the total rateable value (RV), and the results, based on Colliers’ success rate of a 12.5% reduction, shows savings between £18,796 and £145,881.
London hotels could be entitled to the largest rebates, due to higher property values and a greater number of large premises in the capital. A rebate of £145,000 to a London hotel equates to around six months’ rent or about 1,000 room nights*.
The West Midlands is in second position ahead of the South East, due to the fact there are lot of large chain hotels with large premises, which command a higher rateable value.
By comparison, the South East sees more small independent hotels with lower average RVs.
The same is true for the South West, as despite having tourist hotspots, the vast majority of hotels are again small independent hotels which brings the average RV down.