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8/07/2018

HOTEL SECTOR BOOMS IN SCOTLAND


HOTEL SECTOR BOOMS IN SCOTLAND
There’s no denying that the Scottish hotel sector is going through a period of significant growth. Tourism is booming in many parts of Scotland and Edinburgh is certainly benefiting from the upsurge in visitors, most visible this month for the festivals. Despite concerns over Brexit, UK tourism is set for record highs this year after a strong performance in 2017.


And, along with increasing visitor numbers staying in UK hotels, there has been a surge in investment in the sector from both domestic and overseas funds. But according to a recent report by GlobalData, Scottish destinations are faring particularly well.

 In early April, First Minister Nicola Sturgeon revealed during a visit to Beijing that the number of Chinese visitors flocking to Scotland had soared by almost 200 per cent in a decade, and with the recently announced direct flights to China from Edinburgh, links with the country are set to strengthen even further.

 A report this summer from Savills highlighted that investment activity in the Scottish hotels market in the first quarter of this year totalled £105.85 million – a 90.3 per cent increase year-on-year – but it also revealed that much of the demand was driven by overseas investors. It is Edinburgh that is increasingly on investors’ wishlists.

Not only is its tourist industry boosting the economy and supporting thousands of jobs, its year-round visitor numbers are attracting notable interest from large hotel and serviced apartment operators. The heightened appetite for space in Edinburgh doesn’t just stop at hotels, though; the story remains the same for retail, leisure and office accommodation.



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