London will have up to 19,000 new hotel rooms coming on stream by 2008, according to Visit London`s new London Hotel Development Monitor*…
London will have up to 19,000 new hotel rooms coming on stream by 2008, according to Visit London`s new London Hotel Development Monitor* .
The Monitor – which provides an overview of proposed and confirmed hotel developments across London, shows that 11,500 rooms are set to open over the next four years in the capital. A further 7,786 rooms are likely to be constructed, subject to confirmed completion dates if the Olympic bid is successful.
The trend towards larger hotel developments is set to continue. In 2001 and 2002, the average size of a new hotel development in London was below 100 rooms. In 2003, the average size jumped to 158 rooms. By 2006, Visit London predicts that the average hotel size will be 170 rooms.
Another prediction is a mid-size hotel squeeze in the next four years as a result of market polarisation between higher grade hotels and the budget sector.
” The majority of planned new developments are budget or 4-5 stars”, Visit London`s Commercial Director, David Hornby, explains. “As a result, mid-priced hotels will need to respond with a more bespoke offering to enable them to stand out”.
The major trend set to continue in 2004 is budget hotels.
“Already this year Travelodge, Ibis, Holiday Inn Express and Premier Lodge have opened new budget ventures in the capital. easyHotel plans to launch later on this year, with rooms starting from as little as £5 a night” David further explains.
Other trends identified are non-traditional locations for new hotel developments. In particular, a high number of developments are likely to be built in East London, especially Newham and Tower Hamlet, as a result of a successful Olympic bid.
The apartment or suite hotel concept, which has so far been slow to develop, also looks set to expand.
The London Hotel Development Monitor provides an overview of proposed and confirmed hotel developments across London. The monitor will be published each month. Visit London has been compiling data about new hotel developments across London. This information details new hotel openings, as well as potential developments which are likely to be constructed.
This data can help identify gaps in London`s hotel market, and geographical areas, where hotel coverage is poor.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
