UK could see boost in visitor numbers, says Colliers International
The UK could see an increase in visitor numbers with favourable exchange rates making the region more attractive to foreign travellers.
That's according to Colliers International, which believes the industry is unlikely to be significantly affected by the UK's vote to leave the European Union.
Peter Brunt, hotels director at Colliers International said tourist areas such as the Cotswolds, Ludlow, Bath, Dorset, Devon and Cornwall could benefit from an increase in overseas visitors now the pound is more affordable for international tourists.
He said people in the UK may also choose to opt for a ‘staycation' to alleviate worries about the costs of travelling abroad.
Brunt said: "The hospitality industry is in much better shape than it has been since before the downturn, with visits to the UK rising 5% in the 12 months leading up to April.
"I feel sure that this industry will remain resilient and the people of the UK, the market and financial institutions will get used to the idea that we have left the EU.
"My gut feeling is that the immediate few days, are going to be the most unsettled for us. After that I believe that normal life will begin to return and my tone with buyers will remain upbeat and positive."
He added: "Nothing should, in my view, cause buyers to make a seismic shift in their decision making about acquiring a hospitality business."
Blunt admitted he has a "slight fear" that banks will become more cautious with lending in the short-term but argued the market and general economy are both "robust".
Similar views were expressed by hospitality professionals at the BHA's Hospitality and Tourism Summit 2016 earlier this week.
Cut Tourism VAT said it will continue to campaign for a reduction in tourism VAT following the UK's vote to leave the EU.
Domestic holiday spend and visits at all-time high for first quarter >>
Find the advantages in Brexit, Lord Hague tells hospitality industry >>
Referendum result reignites VAT cut calls >>
Latest video from The Caterer
