United Kingdom: Despite Brexit, luxury hotels flourish in London - The360 Travel

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  • Wednesday, December 25, 2019

    United Kingdom: Despite Brexit, luxury hotels flourish in London

    United Kingdom: Despite Brexit, luxury hotels flourish in London

    Despite Brexit and the economic downturn, some 50 luxury hotels have opened in the UK in the past year, largely thanks to London's influence, law firm Boodle Hatfield said on Monday.

    The total number of luxury hotels in the UK stands at 3,380 for the year 2018-2019, up from 3,330 a year earlier, according to this study.

    This trend contrasts with the evolution of the market for cheaper hotels (3 stars and less), the number of which fell by 40 establishments to 4120.

    The luxury hotel market is doing well, especially thanks to London, and despite a British economy slowed by the uncertainties of Brexit, the date of which was postponed to the end of January.

    The study notes that private investors from the Middle East and Asia have not been discouraged and have multiplied hotel projects in the capital.

    In addition, wealthy foreign tourists have benefited from a fall in the pound against the dollar since the Brexit vote, which has significantly increased their purchasing power in Britain.

    Among the 5-star hotels to have opened in 2019 in London are the Standard, not far from King's Cross station, the Prince Akatoki at Marble Arch, or the Biltmore Mayfair, formerly known as the Millennium Hotel, where the former agent Russian secret Alexander Litvinenko was fatally poisoned in 2006.

    "The luxury hotel market outside London has shown some signs of running out of steam, but the opportunity to invest in a hotel in London remains very attractive to wealthy individuals and families around the world," notes Adam Chamberlain, partner at Boodle Hatfield.

    For these investors, luxury hotels in London still represent symbols of prestige as well as sources of profit. And "it doesn't change," he says.

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