Scotland’s 2018 hotel investment booming
Real estate advisor, Savills, has announced that in the first six months of 2018, hotel investment in Scotland reached £389.67 million, doubling the total investment volumes recorded in 2017 at £195 million*.
It indicated that UK buyers were the biggest buying group, accounting for 41 percent of activity, while the rest were overseas investors. This news comes after Scotland invested in better overseas links, such as Hainan Airlines running direct return flights between Edinburgh and China from June 2018.
Julie Grieve, CEO & founder of Criton, the DIY app builder for the hospitality industry, comments: “It’s fantastic that Scotland’s hotel investment in the last six months has already surpassed the annual investment figures for 2017 – it shows the strength of the visitor economy in Scotland which is currently worth around £6BN of GDP to the Scottish economy, 5% of the total. Investors are clearly seeing the future potential in Scotland and what it has to offer the tourism industry, as well as the wider economy – and I am particularly delighted that Edinburgh, where my own company is based, is becoming a priority for investors in the UK and across the globe.
“While hotel investment in Scotland is strong, the impact of Brexit is already being felt as it becomes harder to recruit and retain good staff. Scottish hoteliers can counter this by investing in technology, allowing them to continue to deliver with less staff and therefore grow profits. Of course, improving the guest experience will be critical, and as we move forward in the digital era, it will be the hoteliers that offer guests hospitality how and where they want it using technology that will succeed. Put simply, it is the responsibility of Scotland’s hoteliers to welcome visitors with open arms – and those that are ahead of the game will be able to capitalise on the recent investment boost.”