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Invest in the world’s greatest city!
January 19, 2012Article by Ray Withers
Having many friends, family and now an office in London, some may say that I am a little biased when it comes to naming the greatest city in the world but it would seem that I am not alone in this opinion with the international style bible, Wallpaper, crowning London 2012 City of the Year.
And with just cause I believe. London is certainly one of the greatest cities in the world sitting comfortably alongside New York, Paris, Hong Kong, Singapore and Rio de Janeiro. Home to in excess of 8 million people, 250 miles of Tube track, enough restaurants to eat out in a different venue every night for years, four UNESCO World Heritage sites, the largest football stadium in the world (Wembley) and the most popular live music venue (the O2) and museum (Tate Gallery) in the world.
And if that wasn’t enough, all eyes will be on London this year as the Summer Olympic and Paralympic Games arrive not to mention the Queen’s Diamond Jubilee celebrations. Over 500,000 people are expected to visit our fair city for the Olympic Games alone and aside from concerns about how the infamous Jubilee tube line will cope, the pressure upon London’s hotels has become a hot topic.
The London hotel market remains one of the strongest in the world with the experts at PwC naming London as the best performing hotel market in Europe last year with Q3 2012 forecast to break records for the average room rate at £183 per night. Despite more and more hotels popping up across the city, supply still does not meet demand which in turn is presenting really exciting opportunities for investors.
Recognising this inequality in supply and demand, late last year we launched the Holiday Inn Express – London ExCel, the 204 room hotel primely located in London Docklands. The well appointed rooms sold out within weeks with a waiting list quickly forming for the next allocation.
As we enter 2012, I am therefore now very pleased to report that a limited number of new rooms are available at the same attractive price of £125,000 with 50% non-status finance and 10.5% NET yield by year 5.
Launched this week, as we saw back in 2011, interest has been phenomenal with the rooms selling fast.