South-west hotel market enjoys record year of sales

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Hotel sales in south west England alone could total £46m by the end of the year, according to specialist property advisor Christie + Co.

The company has experienced a record-breaking year in the transactional hotel market, with significant interest from London and overseas buyers looking to take advantage of the region.

Matthew Smith, director at Christie + Co’s Exeter office said: “Good quality hotels which have seen ongoing investment in the asset are now benefiting from the regions’ increasing occupancy and improving room rate trends following on from the economic recovery.

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“We are experiencing a record breaking year in completed hotel transactions across Devon, Cornwall and Somerset. To date in 2014, we have completed transactions in excess of £35m of hotel assets with a further £11m in the pipeline due to complete in the next few months — a considerable increase compared to this time last year.”

Matthew added: “For the current year to date, we have witnessed hotel occupancy increase by up to 4%; Average Room Rate up as much as 7% and RevPar now 12% ahead based on 2013 statistics.”

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