Report from property consultancy GVA shows there was a 19% rise in revenue per available room in the five years to 2015 to £51.15. Tony McDonough reports.
Average revenues for hoteliers in Liverpool soared by almost a fifth in the five years to 2015, a new study reveals.
Using figures from STR Global, property consultancy GVA found that in 2015, the average daily room rate for hotels in the city was £68.08.
This produced a revenue per available room (RevPAR) of £51.15 – a 19% rise since 2010.
Occupancy in 2015 was also up to 75.1%.
Martin Davis, GVA’s director of hotels, said: “This growth has been supported by a large increase in overseas visitors to the city.
“Liverpool has a well-developed tourism offer, with a strong events calendar, and is a popular short break leisure destination.
“Supply is largely weighted towards the budget end of the market which accounts for almost 40% of total room stock in the city.
“The city also has a well-developed supply of extended stay properties and is home to brands such as Adagio, StayCity and Staybridge Suites.
“While the city’s commercial market is not as large as neighbouring Manchester, it has shown positive growth in recent years which has helped drive higher occupancy and rates for hotels.”
According to the AMPM Hotels Database, there are 48 hotel projects across Liverpool in the pipeline.
While several of these are listed as ‘on hold’, these developments could potentially impact on future hotel performance.
Hotels due to launch in the future include the easyHotel Liverpool, Roomzzz Liverpool City and Staycity Aparthotels Liverpool – due in 2017. Principal Liverpool and Times Aparthotel by Vincent are due in 2018.
Stephen Cowperthwaite, regional senior director at GVA Liverpool, added: “Liverpool has a very strong retail and leisure offer that supports the tourism economy.
“In addition there are a number of regeneration projects ongoing across the city, the largest being Liverpool Waters, a £5.5bn scheme to develop the historic docklands site.
“These projects will further improve the attractiveness of the city to visitors which will have a positive impact on hotel performance in the future.”