PwC says uncertainty over the UK’s exit from the European Union will keep a cap on hotel rates. Hoteliers already report some resistance to rate increases during the RFP process this year.
Hotel buyers are expected to benefit from buoyant supply. PwC says that London will get an extra 9,500 rooms in 2018-19 while the regions will see an addition 40,000 and says “demand is not strong enough” to support this growth in supply.
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PwC adds that the growth in serviced apartments and sharing economy providers such as Airbnb are also boosting supply.
Occupancies in the UK’s hotels are high – particularly in the regions (76%) – so corporates will be keen to make sure they can get rooms at a reasonable rate.
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