Hotel sales in the South West are continuing to stay strong despite reports of a weakening economy, according to business agents Christie & Co.
Low interest rates coupled with strong trade in the hotel market – thought to be driven by Brits choosing to holiday at home – are some of the reasons for continuing investment.
Since January, Christie & Co has sold a number of hotels of varying size across the region, including Dial House Hotel in the Cotswolds, which had an asking price of £2.25 million.
Larger hotel groups are also continuing to expand with Canadian hotel company Future Inns and the American Radisson SAS both opening 150-bed hotels in Bristol later this year.
And budget hotel groups are also continuing their expansion in the region. Premier Inn opened a new hotel in Liskeard, Cornwall earlier this year and will open two more – in Bournemouth and Torquay – this month before opening another in Helston in Cornwall in October.
Jonathan Hill, Director of Hotels at Christie & Co’s Bristol office, said: “2007 was a very strong year for transactions across the region and we have seen a busy start to this year despite the gloomy media reports. A number of international hotels companies are set to open in the region during the year, while the current weakness of the pound versus the euro indicates that more people will be taking their holidays at home in the UK this year, which should further boost local trade.”
Chefs are also showing increasing interest in the South West. Earlier this month Gary Rhodes announced plans to open two restaurants in Christchurch, Dorset, joining a host of top chefs with restaurants in the region, including Rick Stein, Jamie Oliver and Michael Caines.
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