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24th August 2017
The Hotel and Leisure sector is emerging as an early beneficiary of Sterling’s depreciation over the last year. The latest official data reveals a pick-up in the number of overseas visitors to the UK. During the three months to February the number of visitors to the UK was 7% up on a year ago, with spending by overseas visitors 8% higher. The renewed growth in overseas visitors bodes well for the Hotel and Leisure sector, with the rise in spending encouraging investors to press on with planned developments.
Whilst capital is likely to be a major beneficiary of visitors from abroad, the weaker pound is also expected to prompt UK consumers to holiday in the UK this summer. This will provide an additional boost to the hoteliers, restaurateurs and leisure facilities across the country.
Against this background the prospects for Hotel and Leisure construction activity is positive. The development pipeline has remained firm. Indeed planning approvals during 2017 Q1 were 61% up on a year earlier. This is forecast to feed through as a 15% rise in project starts this year as investors press ahead with planned schemes.
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