It’s good news for the British hotel sector. After a buoyant 2015, forecasts by PwC for 2016 suggest that UK hotels could expect revenue per available room (RevPAR) growth of 2.3 per cent in London and 4.2 per cent outside the capital. These rates have increased consecutively for the last seven years in London and four years in the Provinces, so setting up a hotel right now could end up being a lucrative endeavour.
For many, starting your own hotel is a dream come true – perhaps the realisation of a long-held ambition and the chance to escape a humdrum existence. Others, while working at someone else’s establishment, may have vowed to have their own hotel one day.
It’s a superb life style choice and one that, done well, can provide job satisfaction and financial security. There are, of course, many things to consider before embarking on your new life. In our many years of providing finance to the sector, we’ve seen it all and thought we’d share some of our insight. Here are a few basic yet important tips for anyone who is thinking about owning a hotel for the first time.