The latest Hotel Bulletin from Zolfo Cooper, AM:PM and HVS has revealed that room rates and occupancy levels across the UK are higher than those of this time last year, with RevPAR up 20% across the country.
The report analyses demand, supply, pipeline and transactions in the hotel market in 12 cities across the UK, and found that all cities recorded growth in Q3 for the fourth consecutive quarter. Glasgow, Liverpool and Leeds were among the top performers, with a RevPAR growth of 48%, 33% and 26% respectively. The sporting events held in each of these major cities helped contribute to this positive growth.
Graeme Smith, partner at Zolfo Cooper, commented: “The continued growth is positive news for the UK hotel industry, particularly as it’s across all the cities we review. Hoteliers have taken advantage of high occupancy levels to increase room rates and boost profitability.”
The analysis of current hotel supply against active pipeline in the UK also showed that budget hotels continue to dominate both sectors – current supply (33%) and the active pipeline (50%).