Neil Parry and Sarah Green attended the Annual Hotel Conference in Manchester last week. There were some excellent sessions and informative speakers and perhaps two of the most common vibes we picked up were realism and optimism! Realism in that high interest rates, inflation and higher wages are here to stay for the foreseeable future and there is no longer an expectation that these will fall rapidly any time soon. Therefore, the discussions had moved on from surviving the pandemic and containing the impact of increased overheads, to more positive thoughts around how businesses can operate successfully in such an environment, via repositioning, attracting new business and implementing sensible funding structures.
Overall, there was a strong feeling of optimism. In many (but not all) parts of the hotel sector, rates are at their highest for a long time and inward tourism and inward business travel is strengthening. Hotel development has been stalling for some time, but there appeared to be activity picking up once again. Those on average or higher than average salaries in the UK, have come out of the pandemic with more savings than before and have a pent up desire to spend more money on travel, hotel stays and experiences.
If you would like to discuss funding for your hotel business or if you are acquiring a new hotel, please do get in contact with Neil or Sarah to further discuss.
