Whilst the global recession has taken its toll across a broad spectrum of industries, forcing spending cuts, staff reductions and revenue depletion, the hotel industry in London has defied such a decline.
Its ability to not only maintain a level playing field, but to continue to grow year-on-year, has made the London hotel market a “bubble” of financial security amidst an otherwise volatile hotel sector.
For Mint Hotel, the fomer City Inn Brand, the figures represent an encouraging level of growth at an uncertain period:
“The improvement of average daily rate and revenue available per room over the past year is fantastic news. Although occupancy dipped slightly, levels have remained relatively high, and this will only improve with the upcoming events in London – the Royal Wedding and the 2012 London Olympics.”
That the London market has experienced such resilient growth in contrast with the rest of the UK is testament to the innovation and adaptability of London hoteliers.
The report on the hotel industry in London was compiled by an independent accountancy firm, whose findings have reassured the hospitality sector in the capital. However, some industry commentators have voiced concerns over the sustainability of such buoyancy.
The report found that the ADR (average daily rate) grew by 8.2% year-on-year in February 2011, whilst the revenue per available room rose by 4.1%.
Industry experts have commented on the significance of the coming months, asserting that “London is under-hotelled”. His predictions draw on the expected surge in vistors over the next 12 – 18 months as a direct result of the Olympics in July 2012.
However, with the recent opening of a new Tower of London hotel, Mint Hotel are less worried about their ability to cope with heightened demand:
“The latest addition to our portfolio is the Tower of London hotel, located only a few minutes walk from the eponymous landmark as well as the Fenchurch Street and Tower Hill stations.
“It is ideally placed to allow visitors excellent access to a variety of surrounding sights and venues, a factor which will become all the more significant over the coming months with the Royal Wedding and the Olympics next year.”
With such globally attractive events in the calendar, it may be that the most challenging aspect for London based hoteliers will not be the attraction of greater levels of custom, but the ability to meet rising demands.
About Mint Hotel:
Mint Hotel, the re-branded City Inn, is an established, award winning independent new hotel brand with city centre hotels in London Westminster, Bristol, Birmingham, Glasgow, Manchester and Leeds.
Contact Mint Hotel:
MINT HOTEL HEAD OFFICE
10 Lloyds Avenue
London, EC3N 3AJ
T: +44 (0)20 7954 0000
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