Author: Suzi Johnson

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Conference Ambassador Programme launched by Meet Bristol

Bristol’s Convention Bureau, Meet Bristol, has launched a Conference Ambassador Programme to promote the city as a business event destination.

By establishing greater collaboration between Meet Bristol, local industry experts and event suppliers, the Conference Ambassador Programme will serve to create competitive bids for international business events in the city and surrounding areas.

Bristol has a wealth of expertise and research relevant to academic associations which the new initiative aims to highlight. The Conference Ambassador Programme will focus on the city’s identified economic strengths in a wide range of sectors – from Aerospace, Advanced Engineering and High Tech, to Digital and Creative, Low Carbon and Professional Services – in order to attract relevant business events.

Working with ambassadors and tapping into their expertise and knowledge will result in producing more appealing, bespoke options for conferences, as well as enhancing the visitor experience and creating PR opportunities for both the destination and ambassador.

Amy Bramhall, Meet Bristol Convention Bureau manager says: “Collaboration with industry experts is key to the success of securing future business events that benefit the economy in the South West region. We’re looking forward to developing further relationships with local partners to create an enhanced offer and increase the number of conferences and events hosted in Bristol and the surrounding areas.”

The introduction of the programme follows what has been a hugely successful time for Meet Bristol, after the team won Best UK Convention Bureau at the Conference Hospitality Awards in Leeds in June.

Current events that Meet Bristol is working on include the Royal College of Obstetrics and Gynaecologists Trainees Conference, the Anthropology and Technology Conference and the UKinbound Annual Convention.

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London top choice for FinTech investment

London has overtaken New York for FinTech investment deals, according to new research based on Pitchbook data released by London & Partners and Innovate Finance, 23 September.

The report, called A Fine Year for FinTech: Global Trends from a UK Perspective explores the FinTech VC-led investment trends so far in 2019, comparing countries and cities around the world, in terms of deal value, deal count and sources of investment.

It suggests 2019 has seen record levels of investment in the UK. In the first eight months of the year alone, more than US$2bn (£1.6bn) has been invested in London-based businesses across 114 deals, surpassing totals seen in any previous year. 

London has has seen the largest number of FinTech deals completed in 2019, with a total of 114, overtaking New York in second place (101). San Francisco is in third place (80), with Beijing (24) and Singapore (23) competing for fourth and fifth.    

The US remains the largest market globally, with $9.37bn raised so far in 2019. 

A country comparison of global FinTech investment by deal value reveals the US in top place ($9.37bn), the UK second place ($29bn), followed by Germany ($998.8m), China ($770.8m) and Sweden ($736.7m)

London leads overall FinTech investment in Europe with $2.11bn investment, followed by Berlin ($881m), Stockholm ($734m), Paris ($330m) and Milan ($49m). 

Out of the ten largest European investments recorded so far in 2019, London-based companies account for half these deals, totalling $1.8bn between them. The UK capital’s FinTech sector is a leading source of high value scale-up companies, with Monzo ($143m) and WorldRemit ($175m) featuring in the lofty ranks of unicorn success stories.  

The UK capital attracts a wider international variety of investors than other European hubs, with 39% of investors coming from outside Europe, compared to 32% in Berlin and Paris with 24%. London also attracts a more diverse international investor mix than North American cities; only 11% of investors in San Francisco came from outside of North America, and 15% in New York. 

Laura Citron, CEO, London & Partners, said: “London is the capital of capital. And as these numbers show, London is innovating to stay ahead, with more FinTech deals than anywhere else in the world. 

“London is the natural home of FinTech because it combines the power of global financial markets with a deep technology talent pool, supportive regulation and an early-adopting customer base. FinTech entrepreneurs in London can meet the regulator in the morning, have lunch with a global bank, hire a top engineer in the afternoon, and enjoy world-class culture in the evening. That convergence is pretty unique.”

Charlotte Crosswell, CEO, Innovate Finance, added: “The UK is the clear global leader in the FinTech sector, spearheaded by London’s success and long-standing position as a major leading financial centre. It’s no surprise London and the whole of the UK FinTech sector is experiencing record growth – we are home to world-class talent and our historical pedigree enables access to key global markets. With record investment under our belt, this is the time to boost the sector further and secure future growth.”  

The release of the research coincides with the opening of Sibos London 2019 (23 – 26 September) one of the world’s leading financial services events. Sibos 2019 marks the first-time this global financial services event has been held in London, and promises to be the biggest conference to date, with over 10,000 delegates. The conference explores the concept of thriving in a hyper-connected world with the challenges, and opportunities brought by mass digitisation and data-driven relationships. 

A Fine Year for FinTech: Global Trends from a UK Perspective.  Published September 2019 by London & Partners & Innovate Finance. The report can be downloaded here. 

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Record-breaking revpar increase for August in London hotels

Record-breaking revenue per available room rates for August were achieved by London hotels, according to preliminary figures released by data company STR.

Alongside a 4.5% year-on-year increase in revpar to £131.39, average daily rate also showed a healthy rise over the same month last year of 4.8% to £151.58.

While occupancy was marginally down by 0.3% to 86.7%, London climbed above 90% across 11 nights throughout the month. STR analysts said that this could be due to “the devaluation of the pound attracting international visitors to the capital”.

New room supply, up 1.5%, was slightly ahead of demand for accommodation, which increased by 1.2%.

STR will release is full August results later this month.

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Hyatt unveils plans for two Manchester hotels

Hyatt has announced plans to open two hotels in Manchester including the UK debut of its extended stay brand Hyatt House.

Hyatt Regency Manchester Oxford Road and Hyatt House Manchester Oxford Road will be located in the landmark “The Lume” building and both properties are expected to open in 2020.

The Hyatt Regency, the brand’s third UK hotel, will feature 212 rooms plus a restaurant, bar, club lounge, fitness centre and seven meeting rooms. While Hyatt House will offer 116 “apartment-style” living rooms.

The move will help to increase the number of Hyatt branded hotels in the UK up to 11 by 2022.

Felicity Black-Roberts, Hyatt’s vice president of development Europe, said: “Hyatt has been focused on growing its brand presence in the UK, and with Manchester being one of UK’s most important commercial centres, this is a milestone.

“Manchester is also a destination that is increasingly gaining popularity with leisure travellers. The location by the university will allow the Hyatt Regency and Hyatt House brands to capitalise on two very different, but important, market segments by allowing guests to choose the right setting for their needs.”

Competition in Manchester’s extended-stay hotel market is set to further hot up with Marriott’s announcement that it will be bringing its Residence Inn brand to the city next year.

Marriott is to rebrand and refurbish the existing Northern Quarters Serviced Apartments Manchester with the Residence Inn set to open in late 2020.

The 155-room hotel, which is located within walking distance of Manchester Piccadilly station, will offer a range of one and two-bedroom apartments with kitchen facilities.

During this phased refurbishment, the property will operate 84 serviced apartments under the Northern Quarters brand.

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London hotel inventory to increase by 41% in 2020

The London Convention Bureau says that 7,995 hotel rooms across 65 new hotels will open in 2020, adding to 158,956 existing rooms.

This figure has risen from 3,222 in 2010, an increase of 41%. 

Total additions to the London hotel market across 2019 and 2020 are expected to reach 121 hotels with 14,840 rooms, a record two-year period for increasing supply of hotel rooms. The range of unique and exciting new hotels will provide meetings, events and incentive planners with further choice for accommodation and meetings venues.

As London continues to attract high levels of leisure and business travellers, hotel operators are catering for all audiences of meetings and events planners. Of the 14,840 new rooms opening this year and next, 10% are 5-star grade, 31% 4-star and 26% are budget hotels.

Significant new global investment in hotels and venues has also contributed to London topping CVENT’s European Meeting Destination rankings for the fifth year in a row. The rankings report highlights London’s wide and eclectic range of hotels and venues, with the UK capital providing meeting and events planners with more choice than any other major European MICE destination.

Compared to other European cities, London ranked highly for its variety of restaurants (1,416), meeting hotels (1,012) and total convention centre space (2,109,000 square meters)2.

A number of North American hotel brands have recently opened up or announced plans for new properties in London, including The Standard which opened its first European hotel in the UK capital in July, joining the recently opened Hard Rock Hotel. The W London Leicester Square, by Marriot, has also undergone a major refurbishment with new in-room technology giving guests an immersive experience.

Later this year, the newly renovated Biltmore Hotel will reopen as the first hotel to join Hilton’s New Luxury Collection – LXR Hotels & Resorts. Japan’s Prince Hotels will also debut The Prince Akotoki later this month, its first European hotel based in London’s Marylebone and showcasing Japanese minimalism.

Looking ahead, Edwardian will open The Londoner, the world’s first super boutique hotel in London’s West End in 2020. The five-star hotel will have 350 rooms, two luxury cinemas and a state-of-the-art ballroom accommodating up to 864 guests. Pan Pacific Hotels Group’s first London footprint, Pan Pacific London, is set to open next year, featuring a 370-capacity ball room at One Bishopgate Plaza. Rosewood will also open a new luxury hotel on the site of the former US Embassy in Grosvenor Square by 2023.

Tracy Halliwell, director of conventions & major events at London Convention Bureau said: “London is a top global destination for leisure and business travellers, and we are delighted to see a record number of new hotels and rooms opening in the capital. We’ve seen a range of exciting and cutting-edge hotels open recently like The Hoxton Southwark, The Stratford and Bankside Hotel, and we look forward to the upcoming openings.” 

“London is a truly dynamic city with a range of new venues, hotels and experiences, offering event planners the opportunity to be innovative. We continue to see strong interest from the North American MICE market, with major corporates, associations and conference organisers committing to a whole range of events. London remains an open, diverse city and at IMEX America we look forward to speaking with event planners from all over the world to tell them about all the opportunities in our great city.” 

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Ruby Hotels announces first UK property

Munich-based Ruby Hotels is set to open its first property in the UK in January 2020 with the launch of a hotel in London’s Southbank.

The new 76-room hotel, Ruby Lucy, forms part of the company’s plan to open 11 new properties – including a second in London, in Clerkenwell – by 2022.

Located within walking distance of Waterloo train station, the hotel will feature a “carnival” theme inspired by Southbank’s fairs, markets and theatre scene. It will offer a 24-hour bar, communal work station and a library.

A communal space will serve breakfast without the need for a kitchen or chef, and rather than in-room minibars and room service, the hotel will feature galley kitchens, vending machines and ironing stations.

Guest rooms at Ruby Lucy will range in size from ‘Nest’ rooms (14-15sqm) to ‘Loft’ rooms (21-23sqm) and will be equipped with Ruby Hotels’ signature soundproofing, blackout curtains, linen and extra-long and wide custom mattresses.

They will also feature a Marshall amp, which guests can use with their own guitar or one borrowed from hotel reception, as well as a personal tablet computer pre-loaded with Ruby Hotels’ curated London city guide and social media apps.

According to the company, its hotels offer what it calls ‘lean luxury’, with choice locations and high-quality fittings at affordable prices.

Michael Struck, founder and CEO of Ruby Hotels, commented: “This works because we accommodate luxury in a relatively condensed space, similar to luxury yachts, and we forego unnecessary services. Thanks to proprietary technical innovations, we plan, build and organise ourselves differently from conventional hotels. To be precise, we plan and build in a very modular way and centralise as well as [automate] processes behind the scenes wherever possible. This helps us create a luxurious and unique hotel experience at an affordable price.”

Ruby Hotels currently operates three properties in Vienna, one in Munich (pictured), two in Dusseldorf and one in Hamburg. The company plans to open new locations in Zurich, Helsinki, Cologne, Frankfurt and Shanghai by the end of 2020.

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2019 UK Hotel Development Opportunities

More than £1.1b was invested in UK hotel development projects in 2018, driven by increased investor confidence and an appetite for long term secure income.

That’s according to Knight Frank’s annual UK Hotel Development Opportunities 2019 report, which said that London attracted 60% of investment volumes. Supply is set to increase by 4.2% in 2019, constituting 38% of the total UK pipeline.

The UK hotel sector opened 15,500 new hotel rooms in 2018, marking a 2.4% increase in supply. The growth trend is expected to continue in 2019 with a further 19,300 rooms forecast to open this year, up 2.9%.

The reported also revealed a shift in the composition of new room supply. New build hotel room development made up the bulk of new supply in 2018.

But hotel conversion – which accounted for 34% of new bedroom stock – increased by 42% year-on-year as developers capitalised on increased vacancy rates from other asset classes considered suitable for hotel conversion.

For the full year 2019, the proportion of hotel of conversions is expected to be around 20% of new supply, while asset management programmes – such as hotel extensions and refurbishments – will constitute a further 17% of new supply.

The majority of construction projects are expected to continue focusing on new build hotel rooms, making up 63% of the new supply.

Budget hotels continue to dominate the market, with 7,500 new rooms expected to open by the end of 2019, up 5% year-on-year. But market share remains on a downward trend as the growing trend for lifestyle hotels continues to drive both branded and independent mid- and up-scale hotels.

The report forecasts that the budget sector’s market share of new hotel room supply will be 39% for the full year forecast 2019, down from 49% in 2016.

Shaun Roy, head of hotels at Knight Frank, said: “The hotel sector is undergoing robust levels of development activity, despite the continued uncertainty that Brexit brings. This is occurring both in London and the UK more generally and is particularly evident in those markets which have a diverse business mix, with a thriving leisure market such as Edinburgh, Birmingham and Brighton.

“There are clear opportunities for investors in the hotel sector nationwide at the development stage, which presents a long-term strategy providing a guaranteed stream of secure income.”

The Knight Frank UK Hotel Development Index named Edinburgh, London, Brighton, York and Birmingham as the UK’s top five most attractive cities for hotel investment and development.

The full report can be found here.

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HotStats: European hotel rates down 5 per cent in July

Mainland Europe hotels saw a 5 per cent decline in average room rate to €170.60 in July, according to data from HotStats.

Gross operating profit per available room (GOPPAR) was down by 9.4 per cent year on year. In addition to being the sixth month of year-on-year GOPPAR decrease in the region since the beginning of 2019, it was also one of the greatest months of profit decline this year.

“The drop in average room rate is disconcerting,” said Michael Grove, managing director, EMEA, at HotStats. “Especially since it’s the second consecutive month that rate has dropped year on year, after positive rate growth in the subsequent five months of the year and all of 2018.”

For hotels in Moscow, it was a case of hotel rates returning to normal levels after last year’s 2018 FIFA Men’s World Cup, as average room rate fell by €157.06 year on year to €92.86. However, hotels in the Russian capital did successfully record the highest room occupancy of the year so far, at 87.9 per cent.

In contrast to the regional falls in room rate, hotels in Nice saw a typical summer increase as room occupancy hit 90.2 per cent and a high was recorded in average room rate at €267.92.

Elsewhere in the world, hotel rates in the Middle East and North Africa (MENA) fell to €119.19 with occupancy at 67 per cent. Hotels in Dubai were among those experiencing the biggest falls, with average rates seeing a 10.3 per cent decrease year-on-year.

“Profit decline in MENA has now become a trend rather than a blip,” said Grove. “With average room rate showing no sign of negative year-over-year letup, hoteliers will have to find cost-cutting measures to obtain positive GOPPAR increases in the interim.”

It was a different story across the pond, where hotels in the US saw a 0.9 per cent rise in average room rate to $201.51 and a 0.6 percentage point jump in occupancy to 81.1 per cent.

“Hotels in the US are bucking global profit trends, with only three months over the last 22 when GOPPAR turned negative,” said David Eisen, director of hotel intelligence, Americas, at HotStats. “Operators are doing an admirable job of making sure top-line gains result in bottom-line success, but they will need to continue to drive flow through in order to maintain and keep these gains afloat.”

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HBAA states average meetings spend is up 8.8%

Average spend per meeting has increased 8.8% to £2,144, according to the latest figures included in the HBAA Meetings Barometer.

“It’s been a good first half of the year for the UK meetings industry and bookings for the rest of the year indicate that this buoyancy will continue until at least the end of the year,” says Angie Mason, chair of the HBAA, who reports further good news for the industry in the latest figures for the first six months of 2019.

The report, developed in partnership with The MeetingsBenchmark Ltd, not only reveals that the average spend per meeting had risen by 8.8% to £2,144 from £1,971, but the average spend throughout 2018. The average spend per delegate had also increased by 6.7%, from £85.71 in 2018 to £91.46.

The average day delegate rate (DDR) had also risen slightly from £32.89 last year to £33.17 while the average number of delegates has remained the same at 54.

Increasing confidence among event planners is reflected by the reduction of lead and conversion times.  The average lead time for forward booking of events has gone down from 79.7 days to 78.3 while the average conversion time went down slightly from 18.5 days last year to 17.9 days so far in 2019. 

Looking at forward bookings for July to December, currently the average spend per delegate is up substantially to £116.54 and the average DDR up to £33.90.

Mason added: “The HBAA Meetings Barometer data highlights positive trends in the market and plenty of strong reasons to be optimistic and confident about business in the imminent future.”

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Radisson Blu hotel to open at London Resort in Kent

Radisson Hotel Group has confirmed plans to open a 430-bedroom Radisson Blu hotel at the London Resort, a 535-acre resort set to open in Kent in 2024.

Created in partnership with American film studio Paramount Picture Corporation it will be one of the biggest themed entertainment resorts in Europe and will include a theme park, water park, cinema, theatre, hotels, restaurants and retail outlets.

Radisson Hotel Group will become a stakeholder in the project as well as opening the upscale branded property, which will feature a bar and restaurant, meeting and event spaces and leisure facilities, including a spa and swimming pool.

Elie Younes, executive vice president and chief development officer, Radisson Hotel Group, said: “We are delighted to be part of such an iconic and unique project that is breaking new ground and bringing together an exciting mix of global brands. We strive to create memorable experiences for our guests, and this is the perfect opportunity to do just that.”

PY Gerbeau, chief executive of London Resort Company Holdings (LRCH), said: “Radisson Hotel Group’s commitment to the resort represents a significant milestone and is testimony to the absolute conviction the team has to deliver this project.”

In the UK, Radisson Hotel Group operates 26 hotels under the Radisson Collection, Radisson Blu, Radisson RED and Park Inn by Radisson brands. Radisson’s partner Edwardian Hotels London operates 12 hotels, and partner PPHE Hotel Group operates 11 hotels.