Manchester has retained its position as the most attractive hotel investment destination in England outside of London, ahead of Cambridge, Oxford, and Bath, according to an annual survey of senior hospitality industry leaders by Deloitte.
Deloitte’s European Hotel Investment Survey, which focuses on the UK and wider European hotel market, has revealed that investment in the Manchester hotel sector is set to continue its momentum in 2018 as the region delivers key projects.
According to the findings of the survey, which follow the 29th annual European Hotel Investment Conference, hotel investors are optimistic about 2018 growth prospects in the Regional UK hotel market. Growth is expected to be highest in the larger cities, such as Manchester, with the majority of respondents expecting growth between 1-3 per cent.
The findings are in line with Deloitte’s annual Manchester Crane survey, released in January this year. Offering a definitive review of construction and a barometer of future supply for real estate development in Manchester, the report noted an uptick in the regional hotel sector.
Adding to the 338 rooms delivered in 2016, a further 1,040 rooms were under construction and expected to complete this year, in a move which continues to deliver and diversify the tourist offer. Key projects under construction include Roomzzz Manchester Corn Exchange and the 19-storey Crowne Plaza and Staybridge development on Oxford Road. Both hotels are set to open in early 2018.
Simon Bedford, partner at Deloitte Real Estate, said: “Manchester has developed a robust hotel market with strong occupancy levels and a track record of absorbing new supply. Appetite for hotel investments in the region is of little surprise in the wake of tourism from overseas while the pound remains weak. It is pleasing to see Manchester secure its position as the most attractive city in England for hotel investment outside of London, and we look forward to tracking the continued growth of the sector in next year’s Manchester Crane Survey.”