Today’s news in brief – 28/6/24
Fairtree has announced the successful acquisition of necessary permits from Bath and North East Somerset Council for the redevelopment of Parade Park Hotel, a Grade I Listed property. The hotel, located in the heart of Bath, will undergo a full refurbishment and rebrand, transforming into a luxury establishment that reflects Bath’s rich heritage. The redevelopment, scheduled to complete by summer 2025, includes updated interiors, enhanced facilities, and state-of-the-art amenities to provide guests with an exceptional experience. Originally built around 1740 and converted into a single hotel in 1997, the hotel aims to blend contemporary luxury with historical charm. Fairtree’s Joe Bester emphasised their commitment to preserving the hotel’s historical significance while CC Nel highlighted the project’s potential to enhance Bath’s hospitality offerings and contribute to its cultural heritage.
Bespoke Hotels, a collection of over 70 independent hotels across the British Isles, has announced a comprehensive rebranding initiative. This includes a refreshed website, new brochures, and a stronger brand identity to reinforce its commitment to partners, stakeholders, and guests. The rebranding aligns with Bespoke Hotels’ strategic focus on expansion, aiming to cater to a broader range of travellers and destinations while maintaining core values of great service and individualised guest experiences. The initiative involves significant investments in the website to boost direct bookings and the distribution of a leisure breaks brochure to promote cross-selling within the portfolio. CEO Thomas Greenall described the rebrand as a comprehensive strategy designed to create lasting value and meet the evolving needs of guests.
A new report by advisory firm Currie and Brown has revealed that strategic energy efficiency upgrades could reduce hotels’ carbon footprint by up to 75%. The report, titled ‘Revive and Thrive: Decarbonising Hotels for a Sustainable Future,’ outlines how hotels can cut annual emissions per square metre from 70kg to 20kg of CO² with an investment of £300-£800 per sqm. The report calls for a collective industry effort to meet carbon reduction targets of 66% per room by 2030 and 90% by 2050. Gillian Breen of Currie and Brown emphasised the importance of integrating sustainability into all aspects of hotel operations to enhance profitability and address global climate challenges.
According to the RSM Hotels Tracker, UK hotel profits have returned to pre-pandemic levels, driven by the hottest May on record. Gross operating profits (GOP) reached 38.9% in May, surpassing pre-pandemic levels of 38.3%. London’s GOP also increased to 43.4%. Occupancy rates rose to 79.6% in the UK and 82.9% in London. However, average daily rates (ADR) for occupied rooms slightly decreased. Despite this, room rates remain significantly higher than pre-pandemic levels. Chris Tate of RSM UK noted that improved consumer confidence, real wage growth, and tax cuts contributed to the strong performance. Economist Thomas Pugh projected continued consumer spending growth, supporting the hotel sector’s recovery despite ongoing inflationary pressures.
