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PwC forecast soft London conference hotel market to continue into 2022

Monday 25 October 2021

 London hotel venues 2022

The latest PwC Hotels Forecast for 2022 indicates a gradual recovery for London Hotels next year, with good deals likely to continue to be offered on residential conferences and events for many months to come…

With UK hotels continuing to struggle for business, hit by a combination of a lack of international business travel and some residual nervousness around staging domestic live events, Venue Search London predict that London Hotels venues will continue to offer excellent deals for those UK businesses keen to return to in-person residential conferences over the next six months.

The report concludes: “By the end of 2022, the forecast is that revenue per available room in London will return to between 43% and 86% of pre-pandemic levels. The speed of recovery will be the major issue for the sector in 2022. Driven by factors outside of the sector’s control, the pace and size of the return of tourism, international and domestic business and events will determine the speed and extent of the recovery.

”The London hotel sector is simultaneously dealing with a lack of both international tourism and domestic business travel. These have combined to make for an exceedingly difficult trading period.  The luxury hotel market in London has seen occupancy as low as 18% which is in part down to the absence of high-spend tourists from the USA and the Middle East. It has been the mid and budget range of hotels that have fared best from domestic tourism demand."

Looking at the UK-wide situation, it continues, “This year has seen above average new supply with cities such as Bristol, Manchester, London and Glasgow all seeing significant new openings. With many businesses now operating a hybrid working model for employees, this is likely to subdue demand across both London and regions for domestic business stays.”

“In addition, many businesses have publicly stated their ambitions to cut business travel even as restrictions are lifted. Hotels that previously focussed on the business market should think about how to capture a stronger domestic tourism market, looking at this as a real opportunity and, as it returns, the international tourism market”.

Our free venue finding team have excellent relationships with many of London’s leading hotel groups and independents, so please give us a call on 0207 870 9305 or drop us an email if you are looking for a London conference hotel for your next residential conference or event.

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