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Table of Contents

Executive Summary

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TABLE OF CONTENTS

EXECUTIVE SUMMARY

INTRODUCTION

Definitions

Methodology

The UK Economy

Overview

Political Climate

Interest Rates

Inflation

Exchange Rates

Taxation

Consumer Expenditure

Output

Investment

Forecasts

Exchange Rates

Abbreviations

MARKET SIZE

Market Overview and Trends, 1994-1998

Market Segmentation

Factors Affecting Demand

Market Forecasts, 1999-2003

Overview

Forecast Market Segmentation

CAPITAL EXPENDITURE

Overview

Segmentation

OPPORTUNITIES FOR SUPPLIERS

GEOGRAPHICAL ANALYSIS

HOTEL OCCUPANCY RATES

CRITICAL SUCCESS FACTORS

INDUSTRY STRUCTURE

Overview

Market Shares

Company Profiles

Accor

Bass (Bass Hotels & Resorts)

Friendly Hotels

Granada Group

The Greenalls Group

Jarvis Hotels

Ladbroke Group (Hilton)

Macdonald Hotels

Millennium & Copthorne

Queens Moat Houses

Regal Hotel Group

The Savoy Hotel

Stakis

Swallow Hotels

Thistle Hotels

Whitbread Hotel Company

TRADE ASSOCIATIONS AND ORGANISATIONS

TOURIST BOARDS

MAGAZINES

List of Tables

1 Economic Indicators On The UK Economy, 1990-1999

2 The UK Hotel Market, 1994-1998

3 Number Of Trips Taken In The UK, 1992-1996

4 Tourism Expenditure In The UK, 1994-1998

5 UK Hotel Accommodation, By Number Of Hotels And Bed Spaces, 1994-1998

6 UK Hotel Accommodation, By Type, 1998

7 Forecast UK Hotels Market, 1999-2003

8 Forecast UK Hotel Accommodation, By Number Of Hotels And Bed Spaces, 1999-2003

9 Forecast UK Hotel Accommodation, By Type, 1999-2003

10 UK Capital Expenditure By Hotels, 1994-1998

11 UK Capital Expenditure By Hotels, By Sector, 1994-1998

12 Capital Expenditure By Ten UK Hotel Groups, By Type, 1997

13 UK Hotel Stock, By Country, 1998

14 UK Hotels Average Occupancy Rates, By Country, 1994-1998

15 The Key Tourism Markets Of Northern Ireland, 1997

16 Expenditure On Advertising By The Hotel Industry, By Company, 1997 And 1998

17 Hotel Stock Of Selected Hotel Companies In The UK, 1998

18 UK Supply Of Selected Budget Hotels, By Brand, 1998

19 Financial Summary Of Accor, 1995-1997

20 Turnover Of Accor, By Activity, 1995-1997

21 Financial Summary Of Bass, 1993-1997

22 Financial Summary Of Bass, By Activity, 1996 And 1997

23 Financial Summary Of Friendly Hotels, 1993-1997

24 Financial Summary Of Granada Group, 1993-1997

25 Financial Summary Of The Greenalls Group, 1993-1997

26 Financial Summary Of Jarvis Hotels, 1994-1998

27 Financial Summary Of Ladbroke Group, 1993-1997

28 Financial Summary Of Ladbroke Group, By Region, 1996 And 1997

29 Financial Summary Of Macdonald Hotels, 1997 And 1998

30 Financial Summary Of Millennium & Copthorne, 1995-1997

31 Financial Summary Of Millennium & Copthorne, By Region, 1996 And 1997

32 Financial Summary Of Queens Moat Houses, 1993-1997

33 Financial Summary Of Regal Hotel Group, 1994-1997

34 Financial Summary Of The Savoy Hotel, 1993-1997

35 Financial Summary Of Stakis, 1993-1997

36 Financial Summary Of Stakis, By Division, 1996 And 1997

37 Financial Summary Of Swallow Hotels, 1993-1997

38 Financial Summary Of Thistle Hotels, 1993-1997

39 Financial Summary Of Whitbread Hotel Company, 1994-1998

40 Financial Summary Of Whitbread Hotel Company, By Division, 1997 And 1998

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EXECUTIVE SUMMARY

The UK hotel market is estimated to have increased by 3 percent in 1998 to reach a value of £13.2 million (ECU19.0 million). This follows a period of growth in the hotel market with a total increase of some 20 percent registered between 1994 and 1998.

MSI estimate that the total number of hotels operating in the UK rose by 3 percent in 1998, with a significant proportion of this growth being related to the increased popularity of budget hotels. It is reported that the rate of growth in the number of total hotel bed spaces was greater than that for the number of hotels, reflecting the trend towards larger hotels.

MSI believe that 77 percent of UK hotels were independent hotels in 1998. However, the market share of independent hotels declined during 1998 due to increased competition from chains and consortia. The leading chains are expected to continue acquiring independent hotels and membership of consortia is expected to continue to rise in the medium term.

The UK hotels market is principally affected by changes in the domestic economy which influence consumer and business expenditure. Such factors include interest rates, unemployment levels and disposable incomes. The hotel market is also affected by trends in the international economy, particularly exchange rates. Other factors affecting the market include social and demographic trends, domestic and international tourism, changes in technology, government policy, legislation and political factors. MSI believe that the strength of Sterling together with a slowdown in the international economy has affected the number of tourists visiting, and their expenditure whilst staying in the UK.

MSI forecast that growth in the UK hotel market will decelerate during 1999 as the global economic downturn continues to put pressure on discretionary expenditure. However, the hotel sector should be protected from the economic decline during 2000 by celebrations and conferences relating to the new millennium, and a 4 percent increase is forecast for the market in value terms. After 2001, growth rates in both number of hotels and bedrooms are expected to fall as the economy slows down and a number of smaller independent hotels are forced out of the market.

Levels of capital expenditure by hotels in the UK have been buoyant during the latter half of the 1990s. The primary reason for this is that the hotel industry continued to be a growth industry during the second half of the 1990s and, particularly in the budget sector, opportunities for expansion remained plentiful.

Text © 1999 MSI

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