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CORONAVIRUS UPDATE

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TODAY'S OTHER NEWS

Over £2bn invested into UK hotels sector in H1 2017

More than £2bn was invested into the UK hotel market in the first half of the year, according to the latest figures from Savills.

The company projects that levels will hit £5.1bn for the full year, up 28% on total 2016 volumes of £4bn.

Savills report that the hotel investment market in H1 2017 was fuelled primarily by London and individual sales as overseas investors continue to demonstrate considerable appetite for the sector.

London remains the largest market, accounting for 55% of transactions by value, which equates to around £1.1bn.

Individual sales accounted for 92% of transactions by value, or £1.834bn, however a number of high profile portfolios are expected to come to the market in the second half of the year.

Overseas investors have been particularly active with an appetite for big ticket lots, accounting for £1.2bn in the first half of the year in comparison to the £822m transacted by domestic investors.

Martin Rogers, head of UK hotel transactions at Savills, commented: “The UK hotel market has had a strong start to the year as the sector remains resilient to the headwinds of the last six months. The favourable exchange rate has attracted overseas buyers that are looking for stable, long term income. The anticipation of a softer Brexit will provide further comfort, encouraging development and relieving pressure on staffing.”

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