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.
“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.”