Deloitte’s European Hotel Investment Survey has revealed that investment in the Manchester hotel sector is set to continue its momentum in 2018 as the region delivers key projects.
According to the survey hotel investors are optimistic about 2018 growth prospects in the regional UK hotel market which is expected to be highest in the larger cities such as Manchester.
“Appetite for hotel investments in the region is of little surprise in the wake of tourism from overseas while the pound remains weak.
“It is pleasing to see Manchester secure its position as the most attractive city in England for hotel investment outside of London, and we look forward to tracking the continued growth of the sector in next year’s Manchester Crane Survey.”
Adding to the 338 rooms delivered in 2016, a further 1,040 rooms were under construction and expected to complete this year, in a move which continues to deliver and diversify the tourist offer.
Projects under construction include Roomzzz Manchester Corn Exchange and the 19-storey dual branded Crowne Plaza and Staybridge development on Oxford Road.
Adrian Ellis, chair of the Manchester Hoteliers’ Association, added: “Manchester is a highly desirable destination for tourists, but the current rate of VAT does prevent the industry from achieving its potential.
“A cut in VAT by the Chancellor Philip Hammond would provide a lift for hospitality related companies in Manchester, and throughout the UK, while also creating jobs and boosting the economy.”