Cardiff has been named the most promising location for hotel development and acquisition in the UK.
According to Colliers International's UK Hotels Market Index, the city topped the table due to its low active pipeline, low cost and strong performance over the past three years.
Northern cities dominated the lists, with Manchester second because of its good investment and valuation parameters, Leeds third and Chester forth. London came seventh in the list as the index punishes land costs, high construction costs, and sluggish growth.
Manchester also ranked highly for rooms per population, with 37.5 rooms per 1,000 people.
Bradford and Hull ranked lowest overall, due to average daily rates below the market average.
Those reporting the highest occupancy rates for 2015 were Belfast, Glasgow and Manchester, all recording over 80%.
Cambridge, Hull and Belfast were the markets with the highest share of new supply entering the market, while the locations which offered a more affordable development proposition were Coventry, Warrington and Sheffield.
Colliers International head of hotels and resorts consulting Marc Finney said that high land prices in London were causing investors to look outside of the capital for opportunities to spend their cash.
He added "As such, we are increasingly being asked by our hotel investor and operator clients which UK regional cities offer the best development opportunities. Together with our regional experts, who know the local UK markets exceptionally well, our Hotel Market Index gives us something more than anecdotal evidence through which to advise our clients."