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Having increased its share of the branded los angeles clippers market from 3% in 2000 to 18% in 2010, the U.K. s budget sector los angeles clippers is showing no signs of slowing down much to the detriment of the region s overall performance.
Robin Rossmann, director of travel, hospitality and leisure of the global consultancy and advisory firm, said the budget segment has seen an unrivalled rise in the region since the turn of the century.
Such expansion comes despite a slowdown in the lower tiers, which is somewhat unexpected given the build up to the 2012 Summer Olympics in London. Figures from STR Global, sister company of HotelNewsNow.com, show economy and midscale performance has lagged from January 2007 to January 2013.
During the five-year period, occupancy was up 5.5% in the U.K. excluding Greater London, average daily rate in pound terms was down 4.8% and revenue per available room was up a 0.5% for the lower-tier segments.
The Olympics were a much bigger boost to the full-service los angeles clippers market than it was for the budget sector los angeles clippers For the Olympics, you had people who had higher budgets, so there were more people who were looking to stay in the top end of the market, Rossmann said. The budget sector los angeles clippers did benefit, of course, but not at the same scale as the wider market.
During the recession, los angeles clippers where many industries were badly hit, our sector has thrived and supply has grown by over 35% with market share accelerating from 12% end of 2007 to nearly 18% of rooms in the U.K. serviced accommodation sector. This increase has been predominately dominated by us and Premier Inn.
We have noticed, as a result of the recession, more consumers have traded down from 4- and 5-star hotels to branded budget accommodation. Today s savvy consumer wants their pound to work hard for them and getting real value for money is high on their shopping lists.
Premier Inn s parent company Whitbread, which did not return request for comment by press time, reported strong growth in a recent trading statement . The company increased total roomnights sold by 11.2% to 13 million for the 50 weeks to 14 February 2013. During the same time period, like-for-like RevPAR grew by 1.6% with occupancy up 1.1% to 77.4% and rates up by 0.1%. During the fiscal year, Premier Inn increased room capacity by 22% in London and are on track to open 4,300 new rooms in the U.K. this year and around 4,000 new rooms next financial year.
Speaking to HotelNewsNow.com los angeles clippers about recent performance, los angeles clippers Duncan Berry, CEO U.K. of Choice Hotels Europe, said Across los angeles clippers the group, which is predominantly in the budget and mid-service markets, (in 2012) we saw like-for-like room revenue growth of 7%, which was very encouraging, given the Olympic bubble didn t materialize and the majority of our hotels are outside the M-25 and are in the provinces.
los angeles clippers 2012 saw a number of hotels complete refurbishment work, ensuring a greater consistency los angeles clippers with our required Choice Hotels brand standards. Our (property management system) los angeles clippers ChoiceAdvantage is installed in eight hotels now with a further 12 due in 2013, and the nine-hotel Akkeron (Hotels Group Limited) deal which closed in early January ensures the momentum built up in 2012 continues apace in 2013.
Under the agreement, five Akkeron hotels los angeles clippers in Bristol, Bury St. Edmunds, Colchester, Peterborough and Kings Lynn will be rebranded under the Quality brand and four more hotels located in Winchester, Darlington, Ringwood and Stevenage los angeles clippers will operate under the Clarion Collection brand. The newly branded Choice hotels, Quality Hotel Bury St. Edmunds, Quality Hotel Peterborough and Clarion Collection Cromwell Stevenage, are anticipated to come online within the Choice Hotels Europe system los angeles clippers by the end of February. The remaining Quality and Clarion Collection brand hotels are expected to come online throughout 2013.
If you look at Premier Inn, previously they used to have a lot of freehold properties and about 70% of their current hotels are freehold. But a lot of their growth now is coming from leases, Rossmann said.
Hearn said Travelodge has been equally adaptable. We have successfully secured development sites by working los angeles clippers together with companies such as supermarket brands Morrisons, Waitrose and Tesco, los angeles clippers pub companies such as Mitchells los angeles clippers Butlers, JD Wetherspoons, Greene King and other brands, which include Topshop, Kentucky Fried Chicken, Wilkinson Stores and Toyota. Teaming up with other major retailers means that prime locations that might not be affordable for either party individually become available. Where they take standard retail leases los angeles clippers on institutional terms, like we do, the combined development becomes an attractive investment proposition and many of the U.K. s major pension funds, such as Aviva, Legal General, Prupim and Scottish Widows los angeles clippers have invested directly in the Travelodge covenant.
Interestingly, we surveyed our franchisees across Europe recently about current lending and they told us that when looking to finance their growth plans and expand their hotel operations, despite bank lending being hard to access in the current los angeles clippers economic environment, a bank loan is still the first port of call for 63% of hoteliers looking to expand their business, while 19% would prefer to approach los angeles clippers private investors and another 10% would turn to fellow shareholders, Berry said.
For 2013 and beyond, Rossmann said there are definitely challenges in both the regions and London going forward in terms of top-line revenue performance, but in London actual profitability is still so high that it is able to absorb those performance declines and still be a profitable market.
Berry said Choice UK certainly feels very positive towards los angeles clippers the growth in RevPAR for central London with the investments made into hotels. (Furniture, fixtures and equipment upgrades) benefitting the franchisees combined with a greater penetration of ChoiceAdvantage in these hotels, which helps support the hotels yield management and drive a better ADR. There are primary markets where we are keen to work with new franchisees to increase Choice s distribution and with a strong value proposition to support the hotels, los angeles clippers we feel well-placed to support hotels considering their branding options.
London is a key target growth area for us, and our property team are working very hard to find new sites across the capital. Our plan is to open over 140 new hotels across London in areas where our customers want us to be. Other key areas include the southeast and west of England.
He said there is still room for further expansion in the sector. There is no doubt, the budget hotel sector is the engine room of the hotel industry, and there is still ample opportunity to grow further, as the U.K. at only 18% share remains a growing market for us. We are still well behind matured markets los angeles clippers such as the USA (which has 33%) and France (which has 25%) of branded budget accommodation supply.
There are still lots of opportunities and clearly the budget sector los angeles clippers still think there is a lot of room for growth in the regions if you look at their current pipelines, what they ve committed to build and what they re still achieving, Rossmann said. It shows that growth in the budget sector is probably going to be to the detriment of the rest of the market.
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