Turnover of UK's top 500 hotel companies hits £13bn

Since the EU referendum outcome, the fall in the value of the pound has also prompted more British people to take ‘staycations’ in the UK.

The lender claimed that the rise in international visitors and British people holidaying in the UK has helped to drive the turnover of the UK’s top 500 hotel companies to a five-year high.

Recent data from the ONS has found that there has been a 9% increase in visitor numbers to the UK in the first six months of 2017 to 19 million, up from 17.5 million over the same period in 2016.

There has been a 25% increase in high-spending tourists from North America alone, although the vast majority of international visitors came from the EU (67%).

The increase in both foreign and British tourists to UK destinations has helped support local economies and create jobs.

Tourists spent £10.5bn in the UK in the first half of this year, up from £9.5bn last year.

The turnover of the top 500 UK hotel companies

Jon Salisbury, managing director at Ortus Secured Finance, said: “The hotel sector has undoubtedly reaped some of the rewards of the weaker pound since Brexit.

“Visitor numbers have increased across the board, with particularly strong numbers from Europe.

“The benefits of this have even started to filter through into areas of the UK more ‘off the beaten track’.

“However, the sector cannot rely on currency fluctuations for future revenue streams.

“Hotel businesses need to be proactive in continuing to grow visitor numbers and ensure more tourists come back for repeat visits.

“This requires investment in hotel refurbishment and new facilities; such as a spa treatment centre, new hotel restaurants or tour services around the city.”