London Independent Hotels Market Buoyant, Claims Chesterton

LONDON-London’s smaller hotels are shrugging off the slump in the tourist market and the general economic slowdown, according to new research from Chesterton. Property values in the central London independent hotel sector remained buoyant and prices achieved so far this year have showed no decline on the previous twelve months.

Of the 700 private hotels in London, 18 have changed hands so far this year, compared with 23 in 2000. The market has been strongest in the Bayswater,W2, district where hotels have been selling for an average of 27% higher than in 2000.

Joel Goldman Head of Chesterton’s hotels department forecast the strong market will continue into 2002: ‘With interest rates remaining low, Central London hotel property remains an attractive investment offering the prospect of capital appreciation and attractive income growth potential,’ he said.