Today’s news in brief – 26/1/24
December 2023 saw a 9% increase in Revenue per Available Room (RevPAR) in the UK, driven by New Year’s Eve rates reaching £165. Edinburgh led in YoY RevPAR growth at 12%, hitting £284 with 92% occupancy. London closely followed with a 9% revenue uplift. However, six cities, including Birmingham, Newcastle, and Manchester, experienced over 10% RevPAR declines due to pricing losses. Liverpool saw a 7% drop in New Year’s Eve rates but offset losses with occupancy gains. The 2024 outlook is positive overall, but a growing divide may emerge between international destinations like Edinburgh and London and domestic-focused cities.
The Mexico Inn, a traditional Cornish coastal inn, is on the market for £765,000. Renovated by local owners since 2015, it includes rental flats and outdoor spaces for events. Situated in Long Rock, the inn has become a community hub. Current owners, Amy Parsons and Tom Symons, plan to step back for family reasons. Colliers’ specialist hotels team expects significant market interest, praising the inn’s character and diverse offerings.
The Limegrove Hotel, a family-run establishment in Pimlico, London, has been sold to overseas private buyers. The nine-bedroom hotel, owned by the same family for over 30 years, will undergo refurbishment under the new owners’ plan to expand in the London market. The buyers recently acquired two more hotels, bringing their total letting rooms to approximately 70. Christie and Co facilitated the sale, and the Goonetilleke family expressed gratitude for a smooth transition.
No Ordinary Hospitality Management, operating Coombe Abbey Hotel, has partnered with Blabers Hall Wine to feature locally-produced wine in the hotel’s afternoon tea. Blabers Hall, a family-run vineyard in Coventry, offers small batch wines with classic English flavours. The partnership aligns with NOHM’s focus on expanding its local supplier network. Adele Adams, founder of Blabers Hall Wine, and Ron Terry, Group Operations Director at NOHM, express excitement about the collaboration, emphasising shared values in quality and celebrating local produce.
