More than 1,100 hotel rooms will become available in Liverpool over the next two years as the city continues to enjoy a boom in hotel provision, according to latest research.
The latest UK Hotels Market Index, by real estate advisors Colliers International, shows Liverpool being among the top six centres in the country for having a strong pipeline of new rooms coming on to the market alongside London, Edinburgh, Glasgow and Belfast.
According to Colliers, another 1,170 or 14.3 per cent of existing supply will be added to 8,205 rooms in Liverpool which last year saw a record level of weekday and weekend occupancy.
Julian Troup, head of UK Hotels-agency, said the weak pound and the strengthening of global and Eurozone economies had all contributed to the growth in the performance of the city’s hotel sector.
He said: “Hotel sector performance in Liverpool is expected to stay strong but there is a degree of caution regarding the extent of supply growth with potential future consequences for performance. Brexit obviously adds an element of uncertainty to hotel market prospects in Manchester and elsewhere in the UK although current market conditions do not show it having a negative impact.
“The visitor economy of Liverpool continues to benefit from its ongoing renaissance.”
Overall, the UK Hotels Market Index revealed continued year on year growth for the sector in the UK, with RevPAR (revenue per available room) increasing by 3.8 percent; significantly ahead of GDP growth.
The annual report, which is in its third year, paints a positive picture for the hotels sector. Regional markets have continued to catch up with London in terms of their attractiveness to investors with cities such as Hull and Plymouth enter the list of top 10 ‘hot spots’ for hotel development and acquisition in the UK for the first time in 2017.
The UK Hotels Market Index is an analysis of 34 locations throughout the UK, ranked to determine ‘hot spots’ for hotel development and acquisition.