Boom time for London hotels as demand for rooms surges

Hotel
rooms in London are set to become more expensive.

Experts
say occupancy rates in the English capital will reach 84.3%,

Consultancy
PwC
says an additional 6,430 net new rooms could open in the capital, taking the supply to more than 136,000, but this will not soften rates.

Revenue
per room is predicted to soar by an inflation-busting 4.5% a year.

Meanwhile
London remains a magnet for overseas investment.

Abu Dhabi’s leading sovereign wealth fund is poised to
snap up three of Mayfair’s top hotels – Claridge’s, the Berkeley and the
Connaught – for £1.6bn.

The Abu Dhabi Investment Authority (ADIA) has written
to the board of Coroin, the company behind the hotels, signalling its takeover
ambitions.

The top hotels are controlled by the secretive Barclay
brothers while long-standing minority shareholder Paddy McKillen, who has 37%
of Coroin shares, has said he wants to buy out others shareholders and own the
business outright.

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Paul Colston

Author

Paul Colston

Managing Editor, Conference News & Conference & Meetings World.

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