ukhospitality - investment readiness reportinvestment readiness report 6the discussion concerning...
TRANSCRIPT
Investment ReadIness RepoRt
In partnership with
COntentsIntroduction ............................................................................ 03
Economic summary .................................................................04
Balancing OTA- driven demand with your direct channels ........06
Social Media as Social Business .............................................. 07
The Benefits of Online Travel Agencies ....................................08
Have the Best of Both Worlds ..................................................08
Hotel Property & Investment Trends .......................................09
Supply and Demand Dynamics ................................................. 11
Every effort has been made by the British Hospitality Association to ensure that the accuracy of the contents of this report but the Association cannot accept responsibility for any errors or omissions.
©British Hospitality Association
All rights reserved. No part of this publication may be reproduced, copied, sorted in an electronic retrieval system or transmitted, except with written permission or in accordance with the Copyright Design and Patents Act 1988, as amended.
Published by:British Hospitality AssociationQueens House 55/56 Lincolns Inn Fields London WC2A 3BH
Tel: 020 7404 7744 Fax: 020 7404 7799 e-mail: [email protected] www.bha.org.uk
IntrOduCtIOn
In 2012, the British Hospitality Association (BHA) partnered with
Santander, Guestline and Jones Lang La Salle, to deliver a series of
seminars across every region of the United Kingdom, specifically for
BHA members. The seminars focused upon ‘investment readiness’ in
the hospitality sector with contributions from property, technology
and financial perspectives.
This paper summarises the key research and intelligence presented
by the experts who took part in the seminars held in Scotland, Wales,
the North of England, Eastern, South East, South West and Heart of
England, as well as London.
I would like to take this opportunity to thank Santander, Guestline
and Jones Lang La Salle, as well as all the BHA members who took
part in the interactive sessions and debates.
Ufi Ibrahim
Chief Executive
Ufi Ibrahim, Chief Executive, British Hospitality Association
INvESTMENT READINESS REPORT 3
I N T RO DU C T I O N
As we look at the year ahead in earnest
we continue to face tough economic
times. Modest GDP growth over the
next 12 months is forecast and against
this backdrop households place a
continued emphasis on deleveraging
their personal balance sheets: consumer
spending is expected to remain stable
but relatively flat.
Our 2012 memories are just that, our
time for reflection and distraction has
passed and we begin to ask ourselves
collectively: ‘what’s next?’ If we can
learn anything from previous recessions
it is that the fall and stabilisation of
activity levels will become more
apparent and all parties will get used
to the ‘new normal’ and accept current
market conditions.
We are looking for a positive message
after a prolonged period of press-led
recessionary doom and gloom stories.
Surely if we find ourselves at the bottom
of the market, this is the time that the
skilled investor makes their prudent
acquisitions and with cost of funds at an
historic low this gives a real opportunity
for a brighter period of trading to emerge.
The hotels sector in particular has
demonstrated the start of this with
accurate price setting during 2012
leading to improved confidence from
vendors and buyers alike.
Of course, buying and selling of hotels is
only one part of the story. Knowledgeable
and technologically advanced customers
demand the best of us, and in a world
where complaints can reach thousands
within seconds we cannot afford to lag
behind. This is a sector that is affected
by levels of personal disposable income
and those that are willing to, are deciding
very carefully where they will spend
their money.
It is vital that owners now consider their
plans to deal with the upturn, cutting
costs is sensible to survive tough
trading conditions but it is important to
remember that investment in capex and
long term planning should be high on
the priority list for hotel owners and
management teams.
This report shows that there is a strong
regional variance in the UK: the London
market must respond to macro-economic
and global circumstances in the same way
that the provinces operate under almost
totally different influencers and are far
more susceptible to UK conditions.
Banking the hotels sector:
During this period of economic
uncertainty, Santander has increased
its lending to SMEs with more than
5,000 UK businesses receiving in excess
of £3.4bn of new lending commitments
in 2012, an increase of 18% which has
been supported by the Government’s
Funding for Lending initiative.
The drive to increase lending is part
of Santander’s continued support of
the SME market and expansion of its
Corporate, Commercial and Business
banking divisions.
Hotels are an important part of the UK
economy and Santander wants to work
with well managed businesses in this
sector and we continue to seek out and
support those who match our ambition.
ECO N O M I C SU M M A Ry
INvESTMENT READINESS REPORT 4
eCOnOmIC summary
5,000+ UK businesses have received
£3.4bn+in new lending commitments, an increase of
18%
INvESTMENT READINESS REPORT 5
ECO N O M I C SU M M A Ry
We consider all applications and
work hard with potential customers
to achieve success for both parties.
We suggest transactions with the
following dynamics are most often
successful:
• A reasonable proportion of equity
in relation to debt, ensuring that
leverage is sensible and adequate
to withstand reasonable sensitivities
to plan.
• Those who can demonstrate
capacity for upkeep and ongoing
refurbishment- product quality is
imperative in a world where the
consumer is more demanding and
has more choice than ever before.
• A quality brand driven and
established by excellence in
customer experience.
• Experienced management teams
who demonstrate a good track record
in running successful enterprise.
• A well considered location that
serves its local market in an
appropriate and effective manner.
• A business plan that considers the
competition they face and has a
plan to deal with this and stay ahead
in their chosen market.
In 2013 we want to take action and continue to keep a spotlight on this important
sector; here’s how we will do this:
LendIng Our approach to lending reflects regional differences, challenges and opportunities.
We recognise the different drivers affecting the different types of hotels in this sector
and so we apply our own bespoke approach and methodology.
PartnershIP A continued BHA Partnership- we wish to support your representative body and their
hard work in 2013.
BreakthrOugh PrOgramme We look to work closely with the BHA at a regional level to identify businesses that
would benefit from our Breakthrough programme, for more information please visit
www.santanderbreakthrough.co.uk
grOwth CaPItaL Fund Hospitality businesses have already accessed part of our £200m Growth Capital Fund
and we seek to continue this success during 2013.
keePIng the COnversatIOn aLIve We are keen to keep the conversation alive and have delivered our own round table
event that will ask hospitality experts how we can continue to meet the challenging
needs of this sector, we will embed this learning amongst our relationship and credit
teams and keep our knowledge up to date with more events around the country.
unIversIty PartnerIngUsing our well established University Partnering programme we will look to place
interns in to your sector, our joint funding initiative sees us make a pledge toward
supporting future talent and creating opportunity for job creation.
seCtOr events We will support sector events through the BHA and others.
INvESTMENT READINESS REPORT 6
The discussion concerning direct sales channels versus OTAs, and offers valuable insight into the definitive need for both.
The regional and London trends for average rooms rates, occupancy and RevPar were broadly in line with the experiences of the BHA attendees over the past 3 years, however, RevPar trends opened up a broader discussion in the context of gross operating profit per available room, hotel profitability and ultimately hotel asset value. Distribution analysis confirmed that Booking.com in most areas of the BHA regions accounted for more than 50% of all OTA transactions (reservations delivered).
Over the past 10 years, the erosion of profit has been stark, with the gap between average room rate and travel agency commission becoming ever widening with TAC increasing and average room rates decreasing in real terms. It was clear from the interactive discussions that there was immense
concern over reservation profitability and the implications of the perceived strength and control of the online travel agents. It was noted that the hoteliers who commented on this area of their business acknowledged them as an important sales channel and therefore reluctantly accepted the associated higher commissions.
Technology advancements in the development of distribution channels, have greatly affected the evolution of a customer life cycle when booking online for accommodation. The conundrum for the hoteliers present was to decide on not whether to use direct or indirect channels to capture this growing web traffic, but rather how to integrate both effectively into a hotel’s marketing strategy. Utilising management tools available through technology providers are solutions to support this strategy.
See below diagram for a Guestline view of distribution analysis:
BaLanCIng Ota- drIven demand wIth yOur dIreCt ChanneLs
B A L A N C I N G OTA - DRI v E N DE M A N D W I T H yO U R D I REC T C H A N N E L S
Figure 2: Average Bookings by Day of the Week
Booking.com
SynXis
Expedia
LateRooms
Others
43.7%
22.8%
5.4%
18.3%9.8%
Figure 3: Bookings by Top 4 Channels
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep 2010 - Aug 2011
Sep 2011 - Aug 2012
Figure 1: Historical Booking Pattern by Month
SatSun Mon Tue Wed Thu Fri
With the growth of Facebook, Twitter, Linkedin and the blogosphere, social media is fast becoming social business, where online interactions are seen as marketing initiatives. More than ever before, businesses are viewing social media as an essential tool in their kit to communicate with consumers.
Today, most hoteliers are engaging with social media - with interaction levels ranging from evangelist and guru, to acknowledging its importance at the least. A key idea that is often missing within these interactions, however, is that of two-way engagement – using social media not to engage at, but engage with your customers.
With the recent announcement of reaching over one billion active users, Facebook is a valuable platform for hoteliers to create community, cultivate loyalty and ultimately increase revenue by fuelling direct sales. Industry studies show 82 percent of hotel guests prefer to book directly online, and with one out of every eight minutes online being spent on Facebook, it is the ideal channel for hoteliers to have direct and instant communication with potential customers.
Owners are looking for effective online channels which customers will regularly visit and create open communication channels between them and the hotel. Capturing online demand without being compared with competitor hotels or having to pay any OTA commission fees can be achieved bysteering reservations focus through to Facebook, where deals or offers an be put up on the page to attract people and from there build a back- and- forth communication platform, engaging with past, present and potential customers.
Using social media optimally is still with a minority of hoteliers who focus solely on direct online channels over OTAs, as many hoteliers in the industry continue to struggle with believing in the revenue benefits of social media. Hotel owners and managers need to cease viewing social media as another potential ‘push’ marketing medium that should show profitable returns, but distinguish it as more of a ‘pull’ marketing tool encouraging communication between hotel and customer, building an interactive relationship, eventually enticing the consumer to book with a hotel they associate with and ultimately trust.
Still, the challenge of handling a medium which can be difficult, and at times impossible, to assess, is the prominent issue ringing true with most hoteliers. Only one in eight hoteliers use social media as a marketing tool, instead focusing on the development of other strategies which deliver predictable and measurable business. Even with high OTA commissions, the fact that conversion rates from some forms of social media are hard to track with no point- of- sale means OTAs are a preferable route as hoteliers can diversify to a broad, global online distribution mix, compared to the smaller, localised audience offered by social media channels.
sOCIaL medIa as sOCIaL BusIness
S O C I A L M E D I A A S S O C I A L B USI N E SS
INvESTMENT READINESS REPORT 7
1 in 8 minutes online is spent on Facebook
82% of hotel guests prefer to book directly online
With the Online Travel Agency market, also often quoted as the ‘necessary evil’ of the hospitality industry, reaching its peak in the USA, major brands are turning their focus to Europe and the United Kingdom. Due to the pressure to not only grow, but maintain their growth levels, OTAs have determined the UK markets have been fairly underexploited, which is intimidating for a large portion of hotel owners and managers.
the BeneFIts OF OnLIne traveL agenCIes
INvESTMENT READINESS REPORT 8
T H E B E N E F I T S O F O N L I N E T R Av E L AG E N C I E S
have the Best OF BOth wOrLds
14% of consumers who booked online accommodation, claimed they would make their purchases from a web- based company they had never heard of, because it was cheaper
There has been much discussion around whether hoteliers need to focus on using indirect sales channels like OTAs to conjure business, or that they need to move away from indirect channels and join the growing industry of social business.
Ignoring one channel at the expense of another is dangerous – hoteliers need to focus on both in order to capture all forms of online demand. At Guestline, we believe in both forms of online distribution – as they serve alternate purposes, they are
equally necessary to implement into a marketing strategy. By integrating social media and direct booking channels into a hotel’s marketing strategy, hoteliers can build a community within their brand, influence two- way engagement and, as a result, build a reputation with consumers. The customers will in turn spread this perceived image throughout their acquaintance base, whether through recommendations, reviews or simply uploading photos of their experience for all to see. From these recommendations,
further potential customers then seek out reviews and pricing comparisons in search for the best deal, which is when OTA presence is crucial.
This is the new lifecycle of a customer shopping in the hotel accommodation market, and by utilising both direct and indirect distribution channels, hoteliers can be confident they are capturing all forms of online traffic, and optimising the profit per available room through minimised travel agent commissions.
However, hoteliers need not to be afraid of such a growing market, but rather utilise these distribution mediums to their advantage. A study from Mintel showed 14 per cent of consumers who booked online accommodation, claimed they would make their purchases from a web- based company they had never heard of, because it was cheaper. Also, out of the 70 per cent of consumers who booked their holidays online, 44 per cent said they trusted the reviews on OTAs, which helped influence their decision to book.
Today, technology has allowed for getaways to be researched easily online, and price comparison sites are making this even more efficient for consumers. OTAs are helping them find the best possible deals - whether it be a complete holiday, or just a hotel room through shoulder rates and reviews, potential
bookings are determined and consumer decisions made.
Customers are consistently looking for the best deal possible and are using OTAs to find it. Through shoulder comparison rates, package deal offers and customer reviews, OTAs are the booking channels customers ultimately prefer to use as they essentially cut down the research time, and offer all the information necessary on one web page.
Hotels need to make use of the increased strength and diversity of OTAs and exploit the consumer traffic that will trend from this growing market. The ultimate benefit of working with OTAs is their expansive customer reach, which is the reason the commissions on bookings are so high such a broad reach is the result of huge marketing spend on the part of the OTAs.
It is granted fees and OTA commissions can often significantly cut into the profit seen from a booking, but hoteliers need to understand the value they receive in return. Through presentation and retailing expertise, OTAs have perfected the way to convince consumers they are getting ultimate value for money when booking online - ideal for hotels looking to steer clear of the traditional, more factual marketing techniques.
This section summarises and updates the content of a series of briefings presented jointly by Jones Lang LaSalle, Guestline and Santander to the regional membership of the British Hospitality Association. The presentations focused upon ‘investment readiness’ in the hospitality sector with contributions from property, technology and financial perspectives. The sessions were themselves interactive and this paper seeks to build upon the lively level of debate, both in London and in the regions.
PrOPert yIt will come as no surprise that discussion and sentiment around investment issues were very different at our first session in London, as opposed to the subsequent meetings around the provinces.
• Comparing UK hotel Performance with the wider economy
That differential is emphasised in the following table which compares the growth of RevPAR in the UK Regions (red) with that of London (yellow). Many of those attending the regional sessions confirmed that from their own experience, hotel revenues had been tracking Real GDP growth (orange).
That dynamic is reflected in the table below which shows too the particular fragility of revenues in the regions whenever GDP becomes negative.
In comparison, the robust performance in London owes everything to its role as a global capital, and its ability to draw over 50% of inbound visitors (2011). For 2012, visit Britain forecasted 31 million international arrivals – reflecting the London Olympics and Paralympics – and being a slight increase upon the 2011 figures.
hOteL PrOPerty & Investment trends
H OT E L P RO P E RT y & I N v E S TM E N T T RE N DS
INvESTMENT READINESS REPORT 9
Regional UK RevPAR
London RevPAR
UK GDP
Figure 4: RevPar growths of UK & London vs economic growth
Source: Jones Lang LaSalle
2005 2006 2007 2008 2009 2010 2011 2012 Oct yTD
-15%
15%
20%
-10%
10%
-5%
5%
0%
INvESTMENT READINESS REPORT 10
The above evidence makes it possible to predict trends in the UK regions which are likely to follow the Real GDP growth curve:
Source: Jones Lang LaSalle
2.00
3.00
1.00
0.50
1.50
2.50
-0.50
0.00
Real GDP growth (%)
2012F 2013F 2014F 2015F
FeedBaCk FrOm Bha meetIngsIn the light of such data, many of the BHA members we met last year recognised the need to generate organic growth rather than hoping merely for an upturn in UK economic performance. At our workshops, we were able to draw a distinction between those circumstances that are non- negotiable, and those elements of a business which provide owners with an opportunity to create growth.
The following is a representation of the conclusions we reached, the red segments being the elements that ‘we are born with’, and the orange circles identifying potential areas from which to create additional growth.
H OT E L P RO P E RT y & I N v E S TM E N T T RE N DS
Track Record (Sustainable)
Management TeamBranding
or strong independent
Identity
Asset Management
- CAPEX
Technology
Architecture Planning & Development
Lo
catio
n
The consensus view from our sessions suggests that the cumulative effect of
improving each element by a few degrees, will improve the investment readiness
of a hospitality business.
Particular emphasis was placed upon the need to maintain and upgrade facilities
(and the risks of not doing so), and to the importance of capitalising on latest
technology as a means of delivering more profitable revenue.
The strength of a management team and the correct choice of a ‘brand’ were
identified as important. The sessions benefitted considerably from the experience
and expertise of several independent hoteliers whose own personality very
evidently constitute the ‘brand’ and the driving force behind their own business.
It is an appreciation of and investment in resources such as these which will
enhance investment readiness in the remainder of 2013.
the ImPaCt OF addItIOnaL suPPLyAt each of our sessions, BHA members had an opportunity to compare their own
experience and knowledge alongside external data which was specific to their
own region. In particular, the sessions included a regional map comparing the
present trading performance of hotels within local towns and cities and considering
too the potential impact of new hotels planned for the future. Those results were
benchmarked against national trends.
For the purposes of this paper, those regional results are summarised on the map
of England, Scotland and Wales, which appears below. (Source: AM:PM).
In each case, the panels which appear on the map show the following information:
suPPLy and demand dynamICs
SU P P Ly A N D DE M A N D Dy N A M I C S
INvESTMENT READINESS REPORT 11
Occ/Rev Par
Location Existing Pipeline% Increase
On Hold% Increase
SU P P Ly A N D DE M A N D Dy N A M I C S
SCOTLAND73%/£58
63,510
2,059 – 3.2%
18,186 – 28.6%
ENGLAND74%/£74
474,062
23,803 – 5%
101,717 – 21.4%
WALES71.4%/£49.14
INvESTMENT READINESS REPORT 12
Overall, the statistics for England, Scotland and Wales are as follows:
On a national basis, Room Occupancy and
RevPar in England was held in balance
during 2012 at 74% and £74 respectively
with a pipeline (2013-2015) of new
bedrooms coming forward at a rate
equivalent to 5% of the existing stock.
There is a further 21.4% of the existing
supply either on hold or unconfirmed as
at February 2013.
Those numbers are heavily influenced
by London which accounts for nearly
a quarter of the existing number of
rooms in England. This means that the
national Room Occupancy and RevPAR
performance is affected significantly by
the outperformance of the capital.
The Scottish powerhouses of Edinburgh
and Glasgow command 30% of the total
room supply in that country. With just
a 3% increase in new supply expected
over the next three years, Scotland
expects proportionately less new
competition than is likely in England.
We have referred to different published
data for Wales (Source: HotStats 2013:
UK Europe & MENA Hotel Industry
Report). That report confirms the
importance of Swansea City Football
Club attaining Premier League status in
2011 and estimates the value to the local
economy as being in the order of £58.6.
The report too acknowledges that hotel
statistics for the country are underpinned
by those of Cardiff which benefitted
last year from Olympic events at the
Millennium Stadium. Cardiff will gain
too from the promotion of Cardiff City FC
who will join Swansea next season in
the Barclays Premier League.
Source: AM:PM Data for Wales from Hotstats
Occ/Rev Par
Location Existing Pipeline% Increase
On Hold% Increase
CARDIFF70%/£43
4,811
0 – 0%
1,378 – 35%
BIRMINGHAM67%/£42
12,172
1830 – 15%
4,288 – 58.3%
LIVERPOOL68%/£42
6,883
694 – 10%
4,049 – 47%
MANCHESTER77%/£53
14,396
1,138 – 7.9%
7,306 – 50.7%
GLASGOW76%/£46
7,674
262 – 3.4%
6,036 – 33.3%
EDINBURGH77%/£64
11,982
1,002 – 8.4%
3,845 – 16.4%
LEEDS71%/£42
5,995
514 – 8.6%
984 – 12.6%
NORWICH75%/£47
2,257
50 – 2.2%
285 – 44.2%
CAMBRIDGE79%/£68
2,003
379 – 18.9%
996 – 26.8%
LONDON82%/£113
115,640
11,110 – 9.6%
30,260 – 14.4%
OXFORD75%/£62
2,127
122 – 5.7%
259 – 29.7%
BATH74%/£70
1,632
206 – 12.6%
486 – 63.8%
EXETER77%/£46
1,542
240 – 15.5%
865 – 28.6%
Drilling down into the regional landscape, the following map summarises the regional perspective:
SU P P Ly A N D DE M A N D Dy N A M I C S
INvESTMENT READINESS REPORT 13
Occ/Rev Par
Location
Existing
Pipeline% Increase
On Hold% Increase
Source: AM:PM Data for Wales from Hotstats
SU P P Ly A N D DE M A N D Dy N A M I C S
INvESTMENT READINESS REPORT 14
When observed from a national viewpoint, London clearly remains the focus of hotel
activity. The Occupancy and achieved rate ensure that the fundamentals of the capital
are among the strongest in Europe.
Turning to the regions, Edinburgh and Manchester are the strongest performers by a
distance and interestingly both cities anticipate an approximate 8% increase in new
bedrooms in the shorter term. Cambridge, Oxford, Exeter (and Bath) are destinations
with strong leisure and business markets and their historic performance also
outperforms the rest of the provinces.
Although the map reveals a gulf between conditions in the regions and those of London,
the recent BHA sessions highlighted the significant entrepreneurial spirit and expertise
of business owners in the regions – where conditions obviously remain more challenging.
Investment vOLumesThe UK remains Europe’s most active hotel transaction market and interest remains in
key assets in prominent locations. Again, on the face of it, there is a chasm between
London and provincial markets, in terms of volume. The two following tables track the
very different profiles:
Notable single asset sales in 2012
included the 4star Cavendish Hotel which
was sold for £159 million (£690,000 per
key) to The Ascott Limited, a company
based in Singapore. Other notable
transactions included two further 4star
hotels, the Hoxton Hotel and The Kingsley
by Thistle (bought by Oriental Holdings
– a Malaysian company), which changed
hands for £65 million and £43 million
respectively.
Those transactions reflect too the diversity
of ownership within the London hotel
market where only 53% of the 4 and 5
star hotel bed stock is owned by UK
residents. Asian owners are the second
largest group and constitute a share of
18% which has increased slightly as a
result of the Cavendish and Kingsley by
Thistle transactions mentioned above.
European ownership accounts for 12%
(mainly high-net-worth individuals)
whilst both the US and Middle Eastern
ownership in the upscale segment is 7%.
The beginning of 2013 has seen further
activity with the announcement in March
2013 of the sale of the 447 bedroom
InterContinental London Park Lane.
The short leasehold (approximately
57 years unexpired) was acquired by a
private Middle Eastern investor for a
sum of £301,500,000. Operated by IHG,
under their prestigious InterContinental
brand, the hotel was sold subject to a
long term management agreement with
InterContinental Hotels & Resorts.
8%increase in new bedrooms anticipated in Edinburgh and Manchester in the shorter term
Source: Jones Lang LaSalle
Figure 7: Regional UK: Hotel Investment Volumes 2003-2012 (£ Billions)
Figure 6: London: Hotel Investment Volumes 2000-2012 (£ Millions)
2003 2004 2005 2006 2007 20102008 20112009 2012
£4
£7
£2
£5
£1
£3
£6
£0
2000 20032001 20042002 2005 2006 2007 20102008 20112009 2012
£800
£1,400
£2,000
£400
£1,000
£1,600
£200
£600
£1,200
£1,800
£0
In 2012, investment volumes in the
regional UK amounted to £762 million,
a 13% decline on 2011 volumes. Similar
to the previous year, investment activity
was often driven by distressed sales,
such as the Cambridge Crowne Plaza
that was bought out of administration
by London & Regional for about £35m.
Overall, 24% of all recorded hotel
transactions in the regional UK in 2012
were receivership sales.
As we enter 2013, there is firm evidence
that some of the most active buyers
are targeting the UK regions this year.
This is evidenced by the sale in February
2013 of the Marriott Portfolio of 42 hotels
–the largest UK hotel portfolio transaction
to complete since the financial crisis
of 2007/8.
The portfolio (comprising 7,800 rooms) was
sold for an undisclosed sum and the hotels
will continue to be operated by Marriott
subject to long term Management Contracts.
In addition, an investment fund affiliated
to Starwood Capital Group also
completed the purchase of 23 UK hotels
within the Principal Hayley portfolio.
Those examples represent a significant
vote of confidence in the UK regional
hotel market by international investors.
Those investing outside London will
naturally be diligent in the way in which
they appraise hotel businesses, and will
have particular regard to issues raised
at the BHA sessions, including the
requirement for CAPEX and the growth
that might be achieved through investment
in infrastructure and technology.
Nevertheless, the positive sentiment for
investment in the regions is welcome and
expected to become a more prominent
phenomenon as the year progresses.
SU P P Ly A N D DE M A N D Dy N A M I C S
INvESTMENT READINESS REPORT 15
£762mtotal 2012 investment volumes in regional UK
24%of recorded hotel transactions in 2012 were receivership sales
British Hospitality Association, Queens House, 55/56 Lincolns Inn Fields, London WC2A 3BH
Tel: 020 7404 7744 • Fax: 020 7404 7799 • e-mail: [email protected] • www.bha.org.uk