London hotel growth predicted to outpace rest of Europe
London’s MICE offering has received a further boost with the news that a significant number of new hotels and venues are set to open in the capital over the next few years, says London & Partners.
According to findings from a new report monitoring hotel capacity across European cities, London is set to add 11,600 rooms to its hotel market by 2020, providing meeting and event planners with an even greater choice of accommodation and meetings options1.
Further analysis from the 2018 London Hotel Development Monitor Report published today by JLL and London & Partners, shows that the growth of the capital’s hotel market is set to outpace a number of major European cities by 2020, including Paris, Berlin, Lisbon and Milan.
As London continues to attract high levels of business and leisure visitors, hotel operators are showing a strong appetite for increasing hotel capacity across the city, with an 8% uplift predicted by 2020.This growth will provide international MICE buyers with innovative options across a range of price brackets, with the research predicting increases for both high-end and economy hotels in London.
The report also highlights the growth of the lifestyle hotel market segment or those that place an emphasis on design, art and the latest technology features. Hotel brands of this kind in London include: CitizenM, Soho House, Rosewood and The Ned.
The findings of the report have been released to coincide with IMEX America, a worldwide exhibition for incentive travel, meetings and events buyers. The London Convention Bureau will showcase the very best of the city’s MICE offering at the trade show alongside leading hotel and venue partners.
Separate research found that London continues to be a hot spot for North American meeting and events planners, with latest data from the London Convention Bureau revealing that bookings for 2018 are already up 20 per cent compared with the same time-period last year.
London was ranked as the top EMEA destination for meetings and event planners by the Cvent Top 25 MICE cities report and the Carlson Wagonlit Travel (CWT) Top 10 EMEA cities for corporate meetings and events in 2019.
Tracy Halliwell MBE, director of tourism, conventions & major events at London Convention Bureau said: “London is a world class destination for leisure and business travellers and it’s no surprise to see that hoteliers are showing a strong appetite for opening some of their best and most exciting properties in the capital. We’ve seen a number of different styles of hotel open across a range of price bands, providing even greater choice for visitors from all over the world.
“London’s wide range of venues and hotels allow meeting and events planners the opportunity to be creative and innovative with their event concepts. From blank canvas warehouse spaces and trendy pop-ups, to purpose-built meeting rooms, conference centres and state-of-the-art-auditoriums, there’s an outstanding solution for every event.
“We’re delighted to hear that London is continuing to attract large numbers of North American meetings and event planners and the London Convention Bureau looks forward to helping even more MICE buyers unlock all that London has to offer.”
Graham Craggs, managing director, JLL Hotels & Hospitality: “London is one of the most liquid hotel markets in Europe and a popular investment hotspot for both domestic and international investors. The weaker pound has attracted a variety of overseas hotel operators and investors to invest in hotel real estate.
“Despite political uncertainty, investors and hotel companies continue to view London as a key destination. This is evidenced by the willingness to consider new development opportunities and the number of new hotel brands opening in the London market.”