New data released at the end of the first quarter of 2023 reveals that the hotel industry has significantly increased sales rates in comparison to this time last year.
Comparing revenue figures between the hotel subsector and the general hospitality sector- HotStats found that UK hotels have experienced an increase in its average daily sales rate of up to 13%- significantly outpacing the comparatively small 4% increase in sales rate of the rest of the hospitality industry.
The figures show an increased resilience within the hotel industry in particular- especially post-pandemic- with hotels being potentially one of the most negatively impacted spheres during the UK lockdowns.
The statistics show that hotels have also experienced significant growth in general occupancy and Gross Operating Profit (GOP)- with hoteliers in London reporting a GOP increase of up to 34%. Hoteliers in the rest of the UK show an equally impressive 27% increase in GOP in comparison to the first quarter of 2022. GOP is largely considered the ultimate indication of a hotels economic success and is often reflected in the developmental activity taken by hotelirs. Trends toward sustainability upgrades, design revamps, and even green infrastructural instillations within the hotel industry likely arise off the back of this post-pandemic GMO uptick. This upward trend holds promising for hoteliers and suppliers alike as they continue into their second quarter.
Ultimately, these figures show an increased determination from travellers and holiday makers to return to a life of business and leisure following the darkness of the pandemic which forced many hotels around the UK to close their doors. But perhaps even more significantly – it shows the grit and dedication of directors, managers and their teams to return to the sphere full force and elevate guest experiences to knew heights.