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London experiences boom in budget hotel growth as developments move Ea

first_imgLondon & Partners London experiences boom in budget hotel growth as developments move EastLondon experiences boom in budget hotel growth as developments move EastMore than half of the 18,000 hotel rooms that have opened in London since 2012 have been in the budget sector, while 33 per cent of the 7,000 rooms due for completion this year will be in the same sector. The ‘London Hotel Development Monitor’, which is launched today, shows that low-cost hotels now make up 20 per cent of the total room stock across the city.Traditionally investment in hotels in London has focused around central areas, however, today’s report by property consultant JLL and London & Partners, the Mayor of London’s promotional company, shows that high rents and values in the West End are leading to the expansion of traditional boundaries.New infrastructure improvements and a booming digital economy has created a “Knowledge Corridor” that stretches from Bloomsbury to Paddington, taking in Fitzrovia and North of Oxford Street.  Hotel activity is increasing as these areas grow, with Premier Inn opening another hotel on Tottenham Court Road this year and US-based hotel operator Standard International opening its first hotel in 2018 in the former Camden Town Hall.Shoreditch has also become a hotspot for hotel development due to building availability and lower costs compared to more central locations with new hotels including Z Hotels and Nobu Hotel Shoreditch opening up. During 2016, a further 800 rooms are expected to be added to the area.The report shows that London dominates investment across Europe’s hotel sector with the capital attracting 36 per cent of total investment.Gordon Innes, Chief Executive of London & Partners said: “The hotel industry is a vital part of London’s booming tourism economy, which is now worth 36 billion pounds and supports hundreds of thousands of jobs, many of which are widely accessible. As more and more visitors come and explore our great city, it’s encouraging to see the hotel sector growing and bringing exciting new developments to visitors.”Graham Craggs, Managing Director in JLL’s Hotels & Hospitality Group, commented: “2015 was an exceptionally strong year in terms of hotel transactions in London. Activity will remain high in 2016 and we expect the trend will shift towards single asset transactions. Underlying market fundamentals continue to be positive and the outlook for hotel performance in London is good.”The GLA 2015 London plan seeks to achieve 40,000 net additional hotel rooms by 2036. New hotel development is being encouraged within the City of London, Westminster, the Eastern edge of the Royal Borough of Kensington & Chelsea (RBKC), Southern parts of Camden, Islington, the ‘city fringe’ edges of Hackney and Tower Hamlets; and the Northern parts of Southwark, Lambeth and Wandsworth.About London & PartnersLondon & Partners is the official promotional company for London. We promote London and attract businesses, events, congresses, students and visitors to the capital. Our aims are to build London’s international reputation and to attract investment and visitor spend, which create jobs and growth.London & Partners is a not-for-profit public private partnership, funded by the Mayor of London and our network of commercial partners.London & Partners is the official promotional company for London. We promote London and attract businesses, events, congresses, students and visitors to the capital. Our aims are to build London’s international reputation and to attract investment and visitor spend, which create jobs and growth. London & Partners is a not-for-profit public private partnership, funded by the Mayor of London and our network of commercial partners.London & Partners Limited is registered in England and Wales under No: 7493460. Registered office 6th Floor, 2 More London Riverside, London SE1 2RRThis email and the information it contains are confidential. If you have received this email in error please notify us immediately. Whilst every effort has been made to ensure the accuracy of the information contained in this email, London & Partners does not guarantee its accuracy or that factual errors have not occurred. Except where this email is sent in the usual course of business, the views expressed in this email are those of the sender. London & Partners accepts no responsibility for any indirect damage or loss suffered by reason of inaccuracy or incorrectness of the information in this email.For full details of our privacy policy please click here www.londonandpartners.com/about-us/privacy Source = London & Partnerslast_img

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