Attractions industry news

26 Nov 2018

UK hotel industry 'swinging towards luxury' as investors target affluent visitors

The total number of high-end hotels in the UK has increased by 140 in the last two years, while the number of hotels rated three-star and below fell by 110 in the same period.

The figures come from real estate law firm Boodle Hatfield, which suggests that investors in the hotel sector are increasingly banking on attracting more affluent tourists – driving a rise in the number of luxury hotels openings and upgrades in the UK.

Investors from overseas, particularly the Middle East and Singapore, have been key in bringing new investment into the luxury hotel sector in recent years.

Some of London landmark hotels – including the Savoy, the Four Seasons and the Corinthia – are now owned, at least in part, by investors from the Gulf.

“There has been a very noticeable shift in investor focus towards the luxury end of the hotel market, as overseas ultra high net worth individuals seek to capitalise on London’s ability to attract affluent visitors," said Adam Chamberlain, partner at Boodle Hatfield.

“London is one of the premier centres for wealth management globally, and that is increasingly reflected in the type of tourists the capital attracts. Investors have moved to meet demand from these visitors for luxury hotels.

“Wealthy individuals, particularly from the Middle East, have for some time identified the UK luxury hotel sector as a major area of interest, as it blends the capital preservation of London real estate, a strong income stream, and the prestige that ownership of a landmark property offers.”

Chamberlain added that the UK’s tourism industry has benefitted from London’s reputation for attracting wealthy individuals.

Tourists are forecast to spend a record £26.3bn in the UK in 2018, up 7.1 per cent on 2017 – partly due to a weak pound caused by the uncertainties around Brexit.

<< Back

News powered by

Go To Places CEO warns of 'uncertain future' for regional tourism funding

A tourism chief has warned of the uncertain future of local government funding for destination management organisations (DMOs) and the "inevitability" of further budget cuts. [more...]

Scottish tourism employing 'more people than ever before'

The number of people working within Scotland’s tourism sector has hit a record high 206,000 – five years since the introduction of the National Tourism Strategy. [more...]

Ant-Man leads the way as Disney unveils future Marvel additions for its parks

Disney has unveiled a new interactive attraction based on its Ant-Man IP, with a raft of other Marvel super-hero experiences lined up for the operator's parks worldwide in the coming years. [more...]

Catalyst has supported 4,100 organisations since 2012, says HLF

A new report published by Heritage Lottery Fund (HLF) has found that its Catalyst programme has led to UK heritage being more resilient and less reliant on public funding. [more...]

Arts sector internships identified as “problematic” in social mobility report

Increasing numbers of graduates are having to take on multiple unpaid internships as they strive to get their foot on the ladder in sectors such as the arts, according to a new report by social mobility foundation Sutton Trust. Indeed, as a sector the arts was described as “problematic” in the report. [more...]

Disney unveils Millennium Falcon ride as work on Galaxy's Edge continues

With Disney's Star Wars-themed lands close to opening at its Florida and California theme parks, the operator has shared a first close-up picture of its new Millennium Falcon ride, which will be a major part of the new worlds. [more...]

In brief:

Historic visitor attraction planned for Belfast City Cemetery @belfastcc [more...]
British Museum to hold largest manga exhibition ever outside Japan @britishmuseum [more...]
UK government to appoint heritage disability champion @DWP [more...]
Multi-million-pound visitor centre opens doors at the home of Robin Hood @RSPBSherwood [more...]
Plans submitted to transform former Aberdeen artillery placement in into dolphin watch site @greyhopebay @RSPBScotland @RobertGordonUni @Dynamixmodular [more...]
Jeremy Wright calls on tourism industry to show 'renewed commitment' in order to secure sector deal @tourismsvoice @visitbritain @VisitEngland @dcms_secofstate [more...]
Google collaborates with Netherlands’ Mauritshuis to create virtual museum dedicated to artist Johannes Vermeer @mauritshuis @googlearts [more...]
Lower entrance fees at UK galleries and museums for younger visitors, urges Sir Roy Strong @V_and_A @NPGLondon @Ecclesiastical [more...]
War of the Worlds to be reimagined as high-tech immersive experience for London @dotdotdot_UK [more...]
More news from>>
<< Back