According to the latest Hotel Development Monitor, future hotel development in London remains robust with development projects concentrated in the budget and high-end markets.
The forecasted number of new bedroom supply in 2010 is expected to surpass all levels experienced since 1989, with an estimated 4,300 bedrooms projected to enter the market.
The forecasted increase of 13,300 will take the total hotel bedroom supply in the capital to over 123,000 by the time of the Olympic and Paralympic Games.
Visit London and TRI said that many investors were showing faith in London’s ability to attract visitors from all over the world and so are targeting their openings before the London 2012 Olympic and Paralympic Games.
Visit London interim chief executive officer Sally Chatterjee said: “The London 2012 Olympic and Paralympic Games are a huge opportunity for the tourism industry in London especially in terms of accommodation.
“Hotel investors and developers clearly have faith in the long-term ability of the city to attract business, with the Games providing a valuable stimulus to bringing forward developments that might otherwise have taken many years to get off the ground.”
David Bailey, deputy managing director of TRI Hospitality Consulting, added: “The latest London development statistics highlight that investors remain positive about London as a leading international hotel market.
“Many experts have underestimated the resilience of the London hotel market and its popularity as a leisure destination. Despite the current economic climate, London will continue to be an attractive location for hotel investment.”
Download the Monitor here >>
By Gemma Sharkey
E-mail your comments to Gemma Sharkey here.
If you have something to say on this story or anything else join the debate at Table Talk – Caterer’s new networking forum. Go to www.TheCaterer.com/tabletalk
Looking for a new job? Find your next hotel job here with TheCaterer.com jobs