Worldwide: At the TOPHOTELWORLDTOUR London conference, TOPHOTELPROJECTS CEO R.W. Schmidt presented a study revealing a healthy development pipeline.
The list of future projects included the UK as the largest future market, surprising many who feared greater backlash due to Brexit.
The continent currently has 1,548 projects in pipeline, with a potential addition of 263,948 rooms. Of these, 363 projects are planned for the UK, just ahead of Germany who have 338 planned projects in the meanwhile.
Most of these UK projects are set for the three cities of London, Manchester and Glasgow, the two largest cities in England and biggest in Scotland. Germany and the UK dwarf the next largest market, France, who currently only have 96 projects planned for the next year.
Globally, the hotel industry is seeing modest growth worldwide, with tourist numbers rising globally. Most notably, the US retook its spot as the top country for investment, reclaiming the honour from China.
Messages have been unclear about the future of the UK hotel industry in the wake of its EU departure. Industry leaders, such as Avvio, have predicted downturns due to the uncertainty Brexit has created.
We predicted earlier this year that Brexit may impact the way that the industry currently sources labour.
However, this report may confirms the thoughts of industry leaders in the serviced apartment sector, that the finality of Brexit is loosening the capital of investors. With this, higher risk profile funds may be moving into the market.
Either way the UK may be looking forward to strong, solid growth in the years to come.