Best Western signal market confidence through £214m in investments since 2015
Best Western Great Britain has announced an estimated investment of £214m across its member hotels since 2015, signaling confidence in the market despite concerns around Brexit. With 251 independently owned and managed hotels under the Best Western brand, the figure equates to an estimated £855,000 per property between 2015 and 2019.
Looking ahead, Best Western has forecasted that 2018 is set to be another strong year for hotel investments, with £70m predicted to be invested across Best Western this year alone. This buoyancy is also expected to continue into 2019, with a current estimate of £28m for further or currently planned investments.
These figures are particularly significant given the backdrop of market uncertainty since the 2016 Brexit referendum. In fact, when asked about the impact of Brexit Best Western found that 98.8% of its members were not concerned and continued to invest in improving their properties showing no signs of cautiousness.
Some of the most significant investments within the Best Western portfolio have been to properties in the North of England and Scotland, including over £6m at Castle Green Hotel in Kendal, BW Premier Collection; an estimated £8m at Ten Hill Place, BW Premier Collection in Edinburgh; and £3.5m at the Best Western Dundee Invercarse Hotel, Dundee.
Commenting on the announcement, Rob Paterson, Chief Executive of Best Western Great Britain, said: “The figures are a strong signal to guests and the industry that Best Western continues to invest for the future and change for the better. We are committed to improving guest experiences in our member hotels and the multi-million pound investments being made are increasing NPS scores, raising brand standards and guest expectations. In the last 18 months we have seen a significant pipeline of hotels approved or activated, with 50% of applicants this year for our new brands.
“What is encouraging for guests and investors is that the planned level of investment for 2019 remains high and will increase further. We are proud to champion independent hotels in Great Britain and have plans to make our membership model more attractive, accelerating our growth for guests in the next few years.”
For more information on Best Western, or to book, please visit: www.bestwestern.co.uk
