hotel britain 2014

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HOTEL BRITAIN 2014LEISURE AND HOSPITALITY

THE GUIDE TO THE PERFORMANCE OF HOTELS IN THE UK



CONTENTS

ECONOMY AND TOURISM 1

UK HOTEL TRANSACTIONS 7

UK HOTEL DEVELOPMENT TRENDS 11

VALUE ADDED SERVICES 24

2013 SURVEY RESULTS 17

WINNERS AND LOSERS 23

SUMMARY OF FIVE YEAR PERFORMANCE 26

THE ROAD AHEAD 33

CLAIRVOYANT CORNER 35

SURVEY COVERAGE 37

BDO LEISURE AND HOSPITALITY SERVICES 38



FOREWORD

The UK has been through some dark economic times with severalfalse dawns but it does look as if we might be nearing the real thingat last UK GDP is forecast to grow by 24 this year and inflationhas beaten its target by dropping to below 2 Neverthelessstringent economic precautions remain in place while many of ourEuropean counterparts are still trying to shrug off the recession

Broadly speaking hotels have been one of the most resilientsectors responding well to the tougher conditions and adaptingto trends and shifts in consumer behaviour We have seen that

Britons care deeply about their holidays and will cling to themdespite falling disposable income What they have become is morecost-conscious and attentive to service As a result new conceptsof limited service accommodation are developing to cater for theseattitudes while hoteliers strive to offer rooms that make maximumuse of their space

Fast-changing times means that the industry must race to keep updevote more time and resources to new media to appeal to evolvingdemographics In particular new market segments such as theldquoMillennialsrdquo (broadly speaking those born in the mid-80s onwards)are already driving the changes with their embrace of technologyand their need for fast and personalised service

UK hotels overall had a good 2013 This was especially true in theregions which outperformed London compared to the previous year Regional hotelsrsquo performance was driven by the increase inoccupancy while AARR remained stable This has prompted newconfidence in the Regions where the MICE market is also returningto some extent

That said London remains the growth engine Despite a difficultcomparison to the Olympic year both occupancy and rooms yieldperformed well as visitors to the city reached record numbersLondon did experience a minor decline in AARR as it stabilisedoccupancy with the latter returning to pre-Olympics levels ndashmeaning that the new supply was being quickly absorbed

Unsurprisingly 2013 hotel investments in the UK surpassed allother EU countries with a total of over pound25 billion spent thehighest figure since 2007 This year the trend is set to continue

with some of this attention expected to flow back into the regionswhere investors are seeking good value for money deals

At present the horizon looks brighter than it has for yearsNevertheless uncertainties remain The fragile European economyas well as the referendum on Scottish independence may posesome threats to future growth In spite of this we remain confidentthat UK hotels will continue to show the strength and adaptabilitythat has become their trademark

HAVE CONFIDENCE WILL TRAVEL

ROBERT BARNARDPartner BDOLeisure and Hospitality Services





THE GUIDE TO THE PERFORMANCE OF HOTELS IN THE UK | HOTEL BRITAIN 2014 1

ECONOMY AND TOURISM

The UK economy showed tentative signs ofimprovement in 2013 though it remainedfundamentally weak

The service sector has shown a bounce back since the recessionwhile the sharp manufacturing decline has begun to reverse Real

GDP showed a consistent 14 growth led mainly by the servicessector which represents three-quarters of the UK economicoutput and beat even its pre-crisis peak The IMF offered moreencouragement forecasting a constant GDP increase of up to 2over coming years

In December 2013 CPI inflation fell to 19 its lowest level sincethe onset of the recession and just below its target rate of 2 Thisbodes well for economic prosperity in the short term though it islikely to rise in the medium term as investment activity piles upMeanwhile the current account deficit dropped to -278 of GDPHSBC reported that this was mainly due to weak export growthwhich can be partly blamed on continued troubles in the Eurozonethe UKrsquos largest export market Moreover stagnation in productivity

meant that some of the competitive gain was eroded by lowerlabour costs

The UK governmentrsquos gross debt increased in 2013 amounting to921 of total GDP According to the ONS the public sector netdebt was pound12317 billion at the end of November 2013 equivalentto 766 of GDP

The labour market has performed slightly better than the goodsmarket The unemployment rate of the economically activepopulation is now 71 and the number of people in work is 3015million Unemployment fell to its lowest level since April 2009with anaemic real wage growth and low productivity helping tokeep employment losses down Employment is now just slightly

below its pre-crisis levels mainly due to a rise in part-time workersand entrepreneurs Market participation has also increased due tochanges in marginal taxes and benefit incentives together witha small cohort of older workers seeking an additional boost theirretirement savings

Despite all these positives the economy is still a long way from astrong and sustained recovery

TABLE 1 UK Economic Indicators 2011-2015f

2011 2012 2013f 2014f 2015f

Real GDP Growth () 112 017 143 187 198

CPI inflation () 445 284 270 230 200

Current accountdeficit ( GDP)

-146 -379 -278 -229 -192

Government grossdebt ( GDP)

8492 8881 9214 9525 9793

Unemployment () 802 802 774 753 731

Source International Monetary Fund f forecast

VISITOR NUMBERS INCREASE

Crowning two consecutive years of growth for international visitors2013 saw the most inbound trips for some time Visitors reached329 million up by 58 from 2012 The highest figure since 2007it also reaffirms the importance of leisure travel to the UK whichitself grew by 69 to 128 million

FIGURE 1 Overseas visitors to UK by purpose of visit 2009-2013

382 392 390 385

220 228 235 239

294 282287 288

104 9888 89

0

5000

10000

15000

20000

25000

30000

35000

2009 2010 2011 2012 2013

V i s i t o r s ( t h o u s a n d s )

238

280

398

85

Holiday Business Visit family or friends (VFF) Miscellaneous

Source International Passenger Survey ONS



HOTEL BRITAIN 2014 | THE GUIDE TO THE PERFORMANCE OF HOTELS IN THE UK2

TABLE 2 Overseas visitors to the UK by purpose of visit (thousands)

2009 2010 2011 2012 20132012-13

change

Holiday 11424 11668 12008 11961 12781 69

Business 6579 6793 7238 7422 7931 69

Visit friends or

family (VFF)

8783 8 408 8841 8948 9369 47

Miscellaneous 3103 2935 2710 2752 2812 22

All visits 29889 29803 30798 31084 32893 58

Year-on-yeargrowth

-63 -03 33 09 58 -


Although the market share of visitors from Europe held fairly stableat 73 actual trip numbers were up by 58 This was mainly dueto the strong increase in European visitors to the UK from countriesoutside the EU 15 (up 155) Visitors from the wider EU and the EU15 group were up 61 and 46 respectively The market share for

North America declined slightly to 109 though visitor numbersremained fairly stable Visitors from other parts of the worldincreased by 105 to 52 million mainly thanks to the Middle East(Bahrain UAE Qatar Kuwait) Asia (China Hong Kong IndonesiaSouth Korea) and the Americas (notably Chile and Mexico)

FIGURE 2 Overseas visitors to UK by source market 2009-2013

North America Europe Other Nationalities

119 114 116 114 109

739 740 729 733 730

142 146 155 153 161

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

V i s i t o r s (

)

Figure 3 shows tourism expenditure within the UK over the lastfive years At time of going to print domestic overnight stays andreceipts statistics were not available for the whole of 2013 so arepresented with year to date November with the comparison to thecorresponding period in the previous year

Domestic visitors were marginally down on last year declining by-11 with domestic spending also down by -14 Britons remaincost conscious travelling more in recent years to visit family andfriends and tightening their travel budget After the snowy weatherin March 2013 which largely affected domestic travel the heat wavein July boosted outdoor tourism and seaside visits Unfortunatelythis was not enough to lift the results as 2013 was competing witha previous year that included both the Olympics and additionalbank holidays for the Queenrsquos Jubilee

Nevertheless inbound tourism experienced the opposite trendconfirming the strong growth of recent years Both visitor numbersand expenditure increased the former up by 58 to 329 millionand spending reaching pound21 billion a stellar 123 increase on 2012

TABLE 3 All UK visitors expenditure 2009 -2013

2009 2010 2011 2012 2013YTD

Nov 122012-13

change

Domestic visitors(millions)

1225 1157 1266 1260 1126 1139 -11

Inbound visitors(millions)

299 298 308 311 329 - 58

Domestic visitorsspend(pound billions)

209 197 226 240 217 220 -14

Inbound visitorsspend (pound billions)

166 169 179 187 210 123

Total spend in

UK on tourism(poundbillions)

375 366 405 427 427 00

Domestic visitors and spend presented as YTD Nov 13

Source ONS Overseas Travel and Tourism Great Britain Tourism Survey

November 2013 Great Britain Tourism Survey 2012





FIGURE 3 All UK Visitors expenditure 2009-2013

Domestic visitors spend (poundbillions)

Domestic visitors (millions) Inbound visitors (millions)

00

50

100

150

200

250

300

00

200

400

600

800

1000

1200

1400

2009 2010 2011 2012 2013 YTD

Nov 12

S p e n

d ( pound b i l l i o n s )

V i s i t o r s ( m i l l i o n s )

Inbound visitors spend (poundbillions)

PASSENGER NUMBERS

According to estimates from the UK Civil Aviation Authority (CAA)it was a record year for total passenger numbers These grew by35 in 2013 reaching 2284 million with CAGR up by 07 toreverse last yearrsquos declining trend

Heathrow continued to lead the way with 34 growth to 723million passengers Despite the UK hub being at almost fullcapacity the growth was driven by rising numbers visiting fromChina and the Far East especially during the summer months

Gatwick too saw an increase in passengers from 342 million to354 million after introducing new easyjet routes and internationalroutes to America Stansted also bounced back from its poor 2012with passenger numbers up 22 to 178 million Bought earlylast year by Manchester Airport Authority Stansted Airport isbeing refurbished and is adding extra air link services for its budgetairlines

The other airport owned by the Manchester Airport AuthorityManchester also performed well with strong summer figurestopping the 20 million passenger mark in June ndash this last happenedin 2009

But it was London City that experienced the highest rate of growthin 2013 Passenger numbers increased to 34 million a 12increase as the airport saw a 25 jump in July passengers androlled out plans to almost double annual flights to 120000

Also performing well were the Scottish airports Edinburgh (up63) and Glasgow (up 29) The former has enjoyed its firstmonthly million passengers in July and has begun a pound150mfive-year planned expansion Glasgow has posted 13 consecutivemonths of growth with December being its busiest month in five years

The general performance of the UKrsquos other airports was also broadlypositive Birminghamrsquos chartered flights and its links to Barcelonaand Islamabad pushed its figures up while Bristol enjoyed its fourthconsecutive year of growth Meanwhile Newcastle added newroutes to the Middle East


November 2013 Great Britain Summary Tables 2012 Visit England




THE OUTLOOK FOR TOURISM

According to VisitBritain the tourism industry in the UK accountsfor over pound127bn while its value to the UK economy grows by 38per year Travel and tourism are now worth 9 of total UK GDP

Despite the prevailing winds of optimism it must be rememberedthat the world economy remains fragile The immediate prospectsfor the tourism industry hinge heavily upon future improvementsndash or deteriorations ndash in travellersrsquo disposable income At this point

fortunes could turn either way

Having said that inbound tourism is likely to continue to growstimulated in part by the growth of the UKrsquos creative industriesThe traditional allure of Britain has been enhanced by exports suchas Downton Abbey and the film industry in general placing the UKthird on an international survey for brand recognition

Visitors flocked to the seaside in 2013 and this surge in domestictourism is likely to continue as travellers look for lower-costoptions The package holiday is also likely to see a revival

TABLE 4 UK Passengers (in millions) 2009-2013

2009 2010 2011 2012 2013 changeCAGR ()

2009-2013

AIRPORT

Heathrow 658 657 694 700 723 34 19

Gatwick 320 313 336 342 354 35 21

London City 28 27 30 30 34 120 38

Luton 90 87 95 96 97 08 15

Stansted 199 185 180 175 178 22 -22

Total London 1295 1274 1336 1343 1387 33 14

Edinburgh 90 85 94 92 98 63 17

Glasgow 72 65 69 72 74 29 04

Birmingham 91 85 86 89 91 22 00

Manchester 183 178 188 197 207 52 25

Other UK 473 423 420 414 428 32 -20

Total UK (inc London) 2204 2112 2193 2206 2284 35 07

2013 figures are estimationsSource UK Civil Aviation Authority








UK HOTEL TRANSACTIONS

The UKrsquos hotel deal market seems tohave changed gear in 2013 drivenby improvements both in marketfundamentals and macroeconomics

In Europe the UK continued to be the top liquid market for

investment transactions in the hotel sector as it benefited overallfrom improved trading conditions The total transaction value wasnot only higher than in 2012 but also at a peak since 2007 For thiswe can thank the market recovery the decline of ldquotruerdquo distressedsales and the portfolio transactions in early 2013 that boostedmarket confidence across the sector

Foreign investors in particular flocked to the UK hotel marketlooking both at London and at primary regional opportunities suchas Manchester Edinburgh Leeds Cardiff and York US firms tendedto dominate the yearrsquos deals as Interstate bought both SanguineHospitality and Chardon Management while Starwood Capitalacquired the 22 Principal Hayley venues and KSL bought theMalmaison and Hotel du Vin portfolio

FIGURE 4 Average value of transaction

pound65924375

pound14902353

pound66763846

pound54700000

pound32403000

pound50521914

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013

A v e r a g e v a l u e p e r t r a n s a c t i o n ( pound )

pound237603

pound149045

pound319316

pound197967

pound216525

pound160563

0

50000

100000

150000

200000

50000

300000

350000

2008 2009 2010 2011 2012 2013

A v e r a g e p r i c e p e r r o o m ( pound

)

The average transaction value in 2013 was pound50m up 559 from

the previous year The UK hotel market witnessed the sale of majorassets such as the InterContinental Park Lane and the Metropolitanby Como London hotels as well as the return to portfoliotransactions of non-distressed assets

However the average price per key in 2013 decreased to pound160563a -258 decline from the previous year because the majority ofthe deals were part of a regional portfolio transaction Furthermoreas investment activity returned to the regions it led to a fall in theprice commanded for single asset transactions as this weighed onthe average price per room Unsurprisingly London garnered a lot ofinterest in the wake of the 2012 Olympic Games justifying the 30increase in average value per room

FIGURE 5 Average price per room in UK hotel transactions

Source BDO Research Source BDO Research




THE RETURN OF PORTFOLIO TRANSACTIONS

2013 saw the return of portfolio transactions In addition to thosealready mentioned these included the sale of the 42 MarriottHotels to the Abu Dhabi Investment Authority totalling almost8000 rooms Menziesrsquo hotel group was also sold to Topland for anestimated pound85m value well ahead of expectations

In fact 2013 started with a bang with the first half of the yearseeing 60 of the total value of transactions thanks to thenumerous portfolio sales As well as boosting market confidencethis drove a growing consensus on pricing expectations for singleasset transactions that dominated the second part of the year(with the only exception being the Menziesrsquo sale) Notable singleasset transactions in London included the InterContinental LondonPark Lane hotel (acquired by Constellation Hotels Holdings forpound3015m) the Metropolitan (acquired by Como Hotel London)the freehold of the Hilton London Heathrow Airport T5 (acquiredby MampG for pound21m) and the 50 stake in the newly built HiltonLondon Wembley (acquired by Oaktree Capital Management forpound301m)

Regional activity also picked up in 2013 in particular withManchester Edinburgh Bristol and Leeds all seeing increasedactivity A notable Manchester deal was the sale of the MarriottVictoria and Albert Museum hotel while Leeds saw its Radisson Bluand the Express by Holiday Inn Leeds Armouries changing hands InEdinburgh there was the sale of the Travelodge West End and theApex Waterloo Place Hotel and Cardiff too got in on the actionwith the sale of the Novotel Cardiff and the Premier Inn City Centre

BANK DEBTS OFFLOADED AND IPOS RISING

We may have seen the dawn of a new era of fundraising as IPOsbecome more prevalent in 2013 Blazing a trail were the recentlistings of Merlin Entertainment which owns themed hotels in itsleisure parks and Blackstonersquos Hilton

Meanwhile the Lloyds Banking Group began to offload its owned

debt selling a portfolio of 38 hotels across the UK RBS too isexpected to continue the trend of exiting assets in 2014 Banks havebecome highly conscious of their investments and now seem poisedto offload non-core assets As increased capital requirement is likelyto continue to impact on their balance sheet

LONDON CALLING 991251 SAY HELLO TO THE MILLION983085POUND ROOM

The capital continued its dominating trend from 2012 with around75 of all hotel deals happening there However regional hotelsdid see improved trading conditions for the first time since therecession despite not experiencing higher average and medianprices

The sale of the Parkes Hotel in London marked a milestone withthe highest ever price paid per room in the capital (pound1060606)This was more than 15 times the lowest price per room recorded inLondon ndash that honour goes to the Travelodge Woolwich at pound66667per room

The highest price per room in the regions was paid by HandPicked Hotels for the 58 room Fawsley Hall ndash the pound15m total pricetag translating to pound258621 per room As for the lowest this wasanother Travelodge ndash the distressed 120 room Coventry Leofrichotel bought by Fielding Beaumont for pound13750 per room to beconverted into student accommodation

TABLE 5 Comparison of price per room for 2013 transactions in Londonand the regions

2009 2010 2011 2012

Average (mean) Median Highest Lowest

London 376667 310680 1060606 66667

Region 74867 62521 258621 13750

Source BDO Research



PROSPECTS FOR 2014

The trend should swing back this year towards more single assettransactions with the exception of the recent acquisitions of theDeVere Venues and of Four Pillars Hotels by Starwood CapitalForeign investments in the UK will continue to grow especiallyoutside London Indeed as the market recovers there should begreater interest in regional hotels and fuller consolidation in the

sector

Banks will be increasingly keen to offload distressed assets fromtheir balance sheet especially for those businesses that are over-leveraged Sovereign funds together with specialised investmentgroups and private equity from Asia and USA will continue to bethe main player in hotel transactions as the UK continues to be anattractive market for foreign investors

The outlook for future transactions will also hinge on the branddiversification of the budget sector This includes the introductionof the Hub by Premier Inn concept the planned refurbishment ofTravelodge hotels across UK and the entry or expansion of otherbrands such as Moxy Tune and Z hotels






UK HOTEL DEVELOPMENT TRENDS

Shifts in the market share among the top10 chains can reveal how the UKrsquos hotelsector is evolving

In Table 6 we can see the market segmentation for 2013 aspresented by room count and number of hotels Whitbread is the

top brand for number of rooms (58656) while IHG and Travelodgeare in second and third place with 39609 and 37911 roomsrespectively

The budget sector is poised to continue its expansion withTravelodge planning substantial additions that will take its roomscount to over 50000 In addition Travelodge already sits on top ofthe list when analysing the number of hotels as the budget chainslice counts for 242 of the overall UK hotel market or 517 hotels

TABLE 6 Top 10 UK hotel companies

Company Rooms Hotels Rooms Hotels

Whitbread 58656 383 212 180

IHG 39609 281 143 132Travelodge 37911 517 137 242

Accor 25998 197 94 92

Hilton 22253 105 80 49

Marriott 13548 67 49 31

Rezidor 10075 50 36 23

Wyndham 9466 95 34 45

GLH 8279 36 30 17

De Vere 8179 61 30 29

Others 42811 340 155 159

TOTALS 276785 2132 100 100

Includes Britannia Jurys Macdonald WA Shearing Millenium amp Copthorne Bespoke

Imperial London Choice Qhotels Puma)

Source HotelAnalyst UK hotel brand listing 2013

The largest supply of group owned hotels (314) is within thebudget sector (see Figure 6) with both Whitbread and Travelodge

in the top three companies for number of hotels and rooms Whenanalysing the branded segment little change has occurred since theprevious year The luxury segment has grown from 21 to 26while the three star category has reduced slightly from 222 to20 However this is likely to be the result of the inclusion ofclassified guesthouses which in 2013 accounted for 55 of totalestablishments

However in the analysis of independently owned hotels we seea completely different picture The top end of the market hasremained fairly stable with a market share of 05 But all theother types of classified establishments have lost some of theirmarket share while unclassified hotels and guesthouses haveenjoyed a substantial increase from 563 to 725 (when

considered together)

This may be a result of the pressure exerted by branded hotels onindependent establishments with the latter struggling to competewith branded supply and many being forced either to convertor to close The independent hotels supply has a history of beingmore like to be reduced or converted a trend that has acceleratedover the recent years of recession Most affected by this decline inmarket share are the three star establishments which declined from25 to 159




FIGURE 6 UK hotel supply by segment group owned vs independent owned 2013 FIGURE 7 Number of new added rooms 2009-2013

Source Wordsmith and Company Hospitality Digest 2014Source Hotel Data

0

10

20

30

40

50

60

70

80

90

100

26

183

200

25

314

197

55

Group Owned

0441

159

71

353

372

Independent

5 star

Branded Budget Hotels(eg Travelodge)

Unclass ified Guesthous es

4 star 3 star 1 amp 2 star New opening Rebranding refubishment

9944

8990

11185

15868

7659

5189

2612

4668

3207

6552

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2009 2010 2011 2012 2013

PIPELINE SLOWS DOWN AFTER 2012

The UK hotel industry accounts for over 600000 rooms distributedacross 45800 hotels according to the British HospitalityAssociation (BHA) After adding approximately 18000 rooms in2012 the pipeline has slowed down with only 200 hotels openingor planning to open between 2013 and 2014 This equates to some20000 new rooms across the whole UK

In 2014 London can expect a 4 increase in supply or around4500 new rooms while the regions will see a more modest 2

increase with around 6500 additional rooms

The number of new-built rooms dropped by 517 to 7659 in 2013(see Figure 7) However the focus has been on rebranding with6552 rooms re-entering the market up 1043 on the 2012 figureConsidering the overall economic situation compound annualgrowth rate for the total of rooms in UK over the period analysed isfairly stable at -12




DEVELOPING TRENDS

ldquoMillennialsrdquo

The rise of the Millennials or Generation Y with their love oftechnology and fast service is poised to change the way hotelsinteract with the outside world This newly maturing demographicis now challenging the industry to rethink its distribution marketingand public relation services Hotels will need to raise their game to

keep up with media developments with a greater focus on onlinereviews search platforms and social networking for peer-to-peerpublicity Within the next five years it is expected that onlineinformation will overtake offline so that even ldquoword of mouthrdquo willmutate into ldquoword of webrdquo

Return of select service

We have seen how reluctant Britons are to give up their holidaysand travels even during hard times or recessions Neverthelesseven with the economic outlook currently improving consumersare remaining highly cost-conscious As a result new concepts oflimited service accommodation are developing or re-developingsuch as ldquopay as you gordquo and ldquoaffordable luxuryrdquo hotels In particular

maximising the use of bedroom spaces is proving pivotal in terms ofshaping the current industry from both a consumer and an investorpoint of view This approach enables lower construction costs andhigher returns on investments as well as lower room prices and theldquosomething differentrdquo that hotel customers are constantly searchingfor

Lately the industry has also seen the growing trend of homeswapping with international websites enabling travellers to stay ineach otherrsquos homes free of charge Research is now being conductedon their impact on hotels

Return of the MICE market

The UK meeting industry singlehandedly contributed pound584billion to the countryrsquos GDP in 2013 according to the MeetingProfessionals International (MPI) Foundation Despite this positivenews hotels have recently suffered from a decreased MICE marketshare especially for those located outside London where 30 ofnational meetings take place

Regional hotels have enjoyed a modest rise in MICE activityrecently as their occupancy grew in 2013 But despite claims fromthe Global Business Travel Association (GBTA) that expenditurewill rise 37 in 2014 meeting activity remains well below pre-recession levels

New things on the menu for food and beverages

The food and beverage industry is currently enjoying somethingof a makeover with a raft of new trends emerging These includehotels hosting celebrity chefs the new ldquograb and gordquo conceptrestaurant areas that focus on social interaction and a concertedeffort to adapt to new segments or dietary requests from nichemarkets A notable example is the introduction of menus that cater

more effectively for visitors from overseas in particular the growingnumbers from China and the Arab nations




PLANNED HOTEL OPENINGS 2014A selection of planned hotel openings in key cities

London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms

Source BDO Research and Hotelsdata




LONDON 983080circa 4500983081

Tower Hill Motel OneCompany Motel One

Rooms 291

CitizenM 2 hotelsCompany CitizenMRooms 616

Shangri-La at the Shard London BridgeCompany Shangri-LaRooms 202

Beaumont HotelCompany Corbin and King HotelsRooms 75

Ham Yard HotelCompany Firmdale HotelsRooms 100

Hoxton Hotel HolbornCompany Ennismore CapitalRooms 174

Dorsett Shepherds BushCompany Dorsett HospitalityRooms 317

Hilton SouthwarkCompany Sojourn HotelsRooms 281

Mondrian LondonCompany Morgans Hotel GroupRooms 359

Pod Hotel TrocaderoCompany Criterion CapitalRooms 583

Novotel London WembleyCompanies AccorRooms 235

Travelodge 2 hotelsCompanies TravelodgeSolum Regeneration PartnershipRooms 185

Premier Inn 3 hotels (Premier InnHub by Premier Inn) Company WhitbreadRooms 523

REGIONAL 983080circa 6500983081

AberdeenVillage Urban Resort KingswellsCompany De Vere GroupRooms 148

BathThe Gainsborough Bath SPACompanies YTL HotelsRooms 99

BirminghamPark Regis BirminghamCompanies StayWell Hospitality Group

Rooms 300Grand Hotel BirminghamCompany Hortons EstateRooms 152

BrightonIndigo BrightonCompany InterContinental Hotel GroupRooms 94

ChesterRoomzzz Aparthotel Chester CityCompany RoomzzzRooms 63

Christchurch

TravelodgeCompany TravelodgeRooms 68

DundeeMalmaison Dundee (opened early 2014)Company MalmaisonRooms 91

Former Jolly HotelCompany Wetherspoon HotelsRooms 25

EdinburghIbis 3 hotels (one opened early 2014)Company Accor Jansons Property PeverilSecurities Ltd

Rooms 523

Motel One Princess StreetCompany Motel OneRooms 140

Village Hotel Helix HouseCompany De Vere Village Urban ResortsRooms 120

GatwickBloc Hotel Gatwick AirportCompanies Bloc Hotel CompanyRooms 245

GlasgowVilla Hotel Pacific Quay

Company De Vere Village Urban ResortsRooms 120

Premier Inn Pacific QuayCompany WhitbreadRooms 180

Hampton by HiltonCompany Scot SheridanRooms 88

Travelodge Queen StreetCompany Scot Sheridan TravelodgeRooms 171

Holiday Inn Glasgow GreenCompany Intercontinental Hotels GroupRooms 100

HookHeckfield Place HotelCompany Heckfield PlaceRooms 70

LiverpoolThe Titanic Albion HouseCompany Signature LivingRooms 350

Aloft HotelCompany Ashall Property StarwoodRooms 116

Doubletree by HiltonCompany Interstate Hotels

Rooms 87Stanley Dock Tobacco WarehouseCompany Harcourt Developments LtdRooms 150

ManchesterHotel FootballCompany Red Property Services LLPRooms 139

Travelodge Radclyffe ParkCompany L P C Living LtdRooms 156

Hotel La Tour SalfordCompany Hotel La TourRooms 223

NewcastleMotel OneCompany Motel OneRooms 222

Portsmouth Jurys InnCompany Jurys InnsRooms 200

Village Urban ResortCompany De Vere Village Urban ResortsRooms 214

SheffieldHampton by Hilton (opened early 2014)

Company Hilton Hotels amp ResortsRooms 142

SouthamptonHilton at the Ageas Bowl SouthamptonCompany Hilton Hotels amp ResortsRooms 175

Travelodge Greenchurch HouseCompany TravelodgeRooms 84

StirlingHotel ColessioCompany Aurora Hotels CollectionRooms 44







2013 SURVEY RESULTS

Our analysis covers a consistent sample of456 hotels across the UK (totalling 78228rooms) with monthly data since 2009

An initial glance at Figure 8 reveals that the industry maintainedits steady if unspectacular upward trend with some promising

indicators for the year to come

Daily rooms yield in 2013 rose by 26 from the previous year topound8150 One of the stand-out figures on the graph is the occupancylevel which rose from 756 in 2012 to 77 in 2013 its highest forsome years In terms of AARR however growth rates were almostflat up only 08 from pound10508 to pound10588 Meanwhile the five- year compound annual growth rate (CAGR) for rooms yield grew by43 as the sector boosted by London continued to recover (seeTable 7)

FIGURE 8 Summary of performance all UK hotels (2009-2013)

AARR (pound) Rooms yield (pound) Occupancy ()

720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound

TABLE 7 Summary of performance UK hotels (2009-2013)

UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770

Year-on-Yeargrowth()

- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33

Rooms yield (pound) 6881 7458 7790 7947 8150

Year-on-Yeargrowth() - 84 44 20 26 43

Despite the proliferation of new hotels in the run-up to the London2012 games this extra supply was largely absorbed Although 2012

occupancy did decline by 05 it bounced back by 18 in thefollowing year Overall CAGR occupancy growth was steady witha 1 increase but the main driver of growth was AARR which roseby 33

London remains the growth engine for the UK hotel industry eventhough comparisons between 2013 and the Olympic year remainlargely academic As ever London hoteliers continue to engage inskillful revenue management and marketing strategies to benefitfrom the record visitor numbers

Londonrsquos AARR was marginally down by -01 to pound15248 as the2012 hike in rates weighed on performance However occupancyslightly increased (up by 12) to reach pre-Olympic levels (831)

Rooms yield grew too up 11 to pound12665 The celebrations ofthe Olympic anniversary and the Queenrsquos Coronation Anniversarybrought a boost for the leisure market even as London welcomedback the corporate market in the same year

As we can see from Table 8 it was AARR that drove the capitalrsquosresults Across the period from 2009 to 2013 the CAGR for AARR inLondon was up by 54 driving rooms yield up by 58

Source BDO Research

Source BDO Research




FIGURE 9 Summary of Performance London Hotels (2009-2013) FIGURE 10 Summary of performance Regional Hotels (2009-2013)

AARR (pound) Rooms yiel d (pound) Occupancy ()

81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound

TABLE 8 Summary of performance London hotels (2009-2013)

London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58

TABLE 9 Summary of performance Regional hotels (2009-2013)

Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21

Regional hotels also enjoyed better results in 2013 compared tothe previous year A 35 rooms yield increase (to pound5199) wasdriven by a 21 occupancy rise up to 73 AARR growth was moremodest up by 06 to pound7122

This occupancy-led performance is strengthening confidence in theregions Both occupancy and AARR also recorded positive CAGRsgrowing by 14 and by 06 respectively

Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research




FIGURE 11 Top and bottom end of market segments growth

FIGURE 12 Rooms yield growth London hotels

London deluxe London tourist Regional gtpound80 Regional ltpound50

R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010

A TALE OF POSITIONING

Figure 11 analyses the rooms yield growth for London and regionalhotelsrsquo top and bottom segments

London deluxe and tourist hotels seem to have performed inopposite directions Although the deluxe segment rooms yield grewconsiderably by 142 in 2010 the budget segment experienced

more modest growth of 67 The following year the results werereversed with the top end growing by 56 while the bottom endenjoyed a surge of 154 In 2013 the tourist hotels growth rateof 37 surpassed that of the deluxe segment which was up onlyslightly by 06

Occupancy was the main driver behind this In 2011 Londonexperienced a steep increase in the luxury segment with theopening or re-opening of a number of major deluxe hotelsincluding the Renaissance St Pancras the Savoy 45 Park LaneCorinthia and the Four Season amongst others Then in 2013 theflat performance of the deluxe segment was overtaken by the 25increase in occupancy and the 12 increase in AARR for the touristsegment

In the regions hotels classified as pound80+ experienced positive AARRgrowth throughout the period analysed while budget regionalhotels were more affected by low demand Londonrsquos deluxesegment recovered more quickly though the performance washampered by new supply Lower rated segments experienced slowerrecovery at first but this has gathered pace

FOCUS ON LONDON BOUTIQUE AND UPSCALEREGIONAL HOTELS

London boutique hotels were the only segment that managed toincrease their rates considerably in 2013 thanks to burgeoningdemand for such properties Despite a 51 increase in AARRoccupancy remained fairly stable at 785 resulting in a rooms yield growth of 46

The boutique segment was the yearrsquos best performer in Londoneven as the top end (usually a more stable category) experiencedthe lowest increase in rooms yield up by a modest 06 topound19928 Regular travellers including new segments like theldquoMillennialsrdquo generation continue to choose the boutique segmentas an alternative to more traditional upscale accommodationHotel groups are recognising the importance of this bracket andintroducing new boutique hotel concepts such as W

Source BDO Research

Source BDO Research




TABLE 10 Rooms yield growth London hotels

Rooms yield growth London hotels

Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06

Superior deluxe (gtpound200) 207 00 67 15

International deluxe (pound150-200) 125 67 -01 -14

First class (pound100-150) 107 82 28 16

Business class (pound75-100) 105 92 23 31

Tourist (ltpound75) 67 154 -46 37

Townhouseboutique (gtpound100) 91 57 32 46

TABLE 11 Rooms yield growth Regional hotels

Rooms yield growth Regional hotels

Segment (AARR) 2010 2011 2012 2013

Country House 42 18 -13 32

gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15

Moving on to the regional hotel segments we can see that the topend of the market enjoyed the highest rooms yield growth rate up47 to pound7508 or 33 in the CAGR

The results were driven by the increases in AARR which grew from

pound9752 to pound10133 a 39 growth Occupancy remained morestable growing by 08 to 741 The CAGR rate is also the highestof all regional segments at 19 underlining the increasing demandfor this product category

FIGURE 13 Rooms yield growth Regional UK hotels

2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS

All UK regions experienced positive trendsin 2013 when compared to the previous year

Rooms yield grew by 35 to pound5199 driven by the 21 rise inoccupancy levels (73) while AARR also grew by 14 to pound7122

UKrsquos CAGR results for rooms yield were at 14 as AARR remainedflat over the five years analysed while occupancy grew by 14during the same period

Scotland reversed its previous yearrsquos negative performance to postpositive rooms yield growth in 2013 up 79 to pound5900

Northern Ireland also performed well driven by the performanceof Belfast that continued the trend started in 2012 For the firstnine months of the year visitors to Northern Ireland were up 8 to42m with tourism expenditure also up by 6

Walesrsquo performance was driven by both increased demand andAARR up 17 and 2 respectively A new air service linking Walesand Germany started last summer with the Welsh tourist boardunveiling a new strategy aimed at increasing its earnings fromtourism by 10 over the next seven years

England also posted positive rooms yield growth for the fourth yearrunning with rooms yield up 09 in 2013 when compared to theprevious year This was mainly driven by the 08 increase in AARR

All countries also posted positive change to CAGR rooms yield overthe last five years Wales was the bottom performer at 04 withScotland showing the higher increase by 3

Of the 36 reporting regional cities 80 (29) posted positive rooms yield growth year on year for 2013 whit the remaining seven

recording negative growth

Liverpool reversed last year poor results with rooms yieldincreasing by 111 to pound4855 This was the result of increasedAARR (up 111) Despite the positive results the city still seems tobe experiencing a consolidation period with occupancy remainingbelow the 70 mark

Stansted was the bottom performer in 2013 with a -58 dropin rooms yield year on year to pound3650 again mainly due to a dropin AARR (-44 to pound5218) However increased routes and therefurbishment of the airport have increased passengers boding wellfor future performance

The top performer of the regional cities was Aberdeen The cityposted a stellar rooms yield increase of 17 mainly due to theincrease in AARR up 188 to pound9029 In 2013 Scotland has alsobeen named the number one lsquohotrsquo travel destination by CNNVisitScotland also unveiled a new pound34m publicity campaign last year The campaign is expected to bring a return of about pound68mto the Scottish economy and will target the key domestic marketas well as seven international markets North America GermanyFrance Spain Italy the Netherlands and Scandinavia

Leeds also posted double digit growth up 126 to pound4690 onthe back of rising occupancy levels (+76) and AARR (47)Latest statistics show that Leeds is attracting 23m visits per yearwith average expenditure by the day visitor market hitting circa

pound68343m per annum according to VisitEngland The opening ofnew venues such as Trinity Leeds and the First Direct Arena willlikely see a further increase in visitor economy volume and value

Oxfordrsquos rooms yield also had a good rate of growth up 118 topound8893 thanks to increased occupancy (69) and AARR (45)Oxford remains one of the most visited places in England and theofficials estimate tourism there as being worth pound880million a year

Other strong achievers were Edinburgh (106 to pound7332) thatsaw hotels prices rocketing during the 2013 Fringe Festival andCheltenham (97 to pound4740) which saw both occupancy and AARRincrease

FIGURE 14 Rooms yield growth by country

CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research




FIGURE 15 Rooms yield growth Regional UK cities

change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research






SUMMARY OF FIVE YEAR

PERFORMANCE

2013 Occupancy () change CAGR

No of hotels No of rooms 2009 2010 2011 2012 2013 1213 CAGR 09-13

All UK 456 78228 740 758 760 756 769 18 10

All London hotels 152 31463 816 807 829 820 829 12 04

De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08

Superior deluxe (gtpound200) 35 6573 767 801 801 807 814 09 15International deluxe (pound150-pound200) 23 4501 842 839 835 835 835 01 -02

First class (pound100-pound150) 36 10542 842 840 839 836 845 11 01

Business class (pound75-pound100) 11 3988 827 837 839 822 839 21 04

Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04

Townhouseboutique (gtpound100) 15 810 792 786 795 788 785 -04 -02

Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17




AARR (pound) change CAGR

2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06

Rooms yield (pound) change CAGR

2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24

Glasgow 7 1891 742 775 777 774 792 23 17Heathrow 9 3347 762 828 813 796 803 09 13

Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24

Stratford-upon-Avon 4 486 662 685 694 649 643 -09 -07

Swindon 4 535 647 677 677 642 671 45 09

WindsorMaidenhead 3 439 658 680 683 718 712 -08 20

York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD

The outlook for the UK economy continuesto improve as relative stability returns tothe worldrsquos largest trading partners

In January it was announced that UK unemployment dropped to71 during the last quarter of 2013 while inflation dropped to 19

(below the Bank of Englandrsquos target of 2) The UK economy ispredicted to grow by 27 in 2014 with economists expecting it towitness some of its fastest growth since the recession

A BOOST FOR BOTH THE CAPITAL AND THE REGIONS

London

Having absorbed the new supply in the run-up to the OlympicsLondon then had a period of low development which gave hotelierssustained levels of strong demand Recent statistics indicate thatthe whole country benefitted from record visitor numbers in 2013while London is reported to be one of the few host cities to seevisitation actually increase following an Olympic year London andPartners the official tourism organisation for London now claims

that the city overtook Paris in the ranking of most visited cities Assuch the outlook for London remains positive and we can expectto see hoteliers turning their full attention to growing AARR asoccupancy remains at exceptionally high levels

Regions

It has long been established that the performance of regional hotelsis closely linked to the national economy In 2013 we saw stronglevels of demand for regional properties as a good summer andlower disposable income prompted holidaymakers to stay in the UKThe improving national outlook has also meant some movementalbeit small in the MICE market though this remains below pre-recession levels Hoteliers in the regions have also benefitted from a

reduced pipeline in recent years and the long awaited consolidationof the sector should underpin future performance trends Theoutlook for the regions therefore remains positive We can expectto see occupancy levels continue to improve with some growth inAARR particularly in key secondary cities

INVESTOR OPTIMISM ON THE RISE

Optimism in the UKrsquos hotel industry is back according to a survey

by Ipsos MORI for the think tank British Future ldquoThe State of theNationrdquorsquo reports a two-year high for confidence in the economicoutlook and claims that industry representatives are in fact twice aspositive about the coming year compared to a year ago

2014 should also see more focus on regional UK After a particularlysuccessful year both investors and operators are seeing regionalhotels as good value for money when it comes to drivinginvestments and deals Investments are expected to be 138 upin the regions according to JLL Recent months have already seenhotel groups actively consolidating and investing in potentialdevelopment sites

PRESSURE ON INDEPENDENTSThe UK hotel sector remains largely independent with a sizeablecensus of smaller establishments As brand proliferation continueswith growing pressure on independents to improve their offeringwe can expect to see some of this supply reduced or convertedMuch has been written in recent years about the state andcondition of many independent properties so it is likely that thosewhich fail to meet modern standards will have to change in order toremain competitive

REGULATIONS PRESSURES AND PROSPECTS

Entry visa rules for Indian business visitors were relaxed in 2013and this is highly likely to happen for the Chinese market too The

UK government is also facing pressure from the tourism industryto reduce taxes and align them to our EU counterparts in orderto boost tourism development which is thought to be worth overpound127bn to the UK economy

However as long as visitor numbers remain at such high levelsit is unlikely that the government will feel a need to bow to thispressure Another looming factor that could weigh on futureperformance is the question over the independence of Scotland andwhat independence could mean for its membership of the EU

However some measures are being taken at present for examplethe Chancellor has just announced that from 2015 the two highestof the four air passenger tax bands are to be scrapped






COMPETITION

WIN A ONE NIGHTSTAY FOR TWO AT THE

STAFFORD LONDONHOTEL COURTESY OF THEKEMPINSKI HOTEL GROUP

The prize includes anight stay for two at The

Stafford London Hotelincluding breakfast anddinner for two Subject

to availability valid untilNovember 2015

ABOUT THE HOTEL HOW TO ENTER

Kempinski Hotels and Resorts offer uncompromising standardsof service combined with distinctive style that reflects theindividuality of the properties and their location FormerPalaces alive with character and intrigue stand shoulder toshoulder with vibrant modern masterpieces enabling to live a

life with style

Tucked amidst the quaint historical district of St Jamess offPiccadilly The Stafford London by Kempinski is a remarkablesetting to experience the very finest of London Its surprisinglydiscreet and peaceful setting is just steps away from thecitys hustle and bustle the finest shops the many culturalattractions including art galleries theatres and the royal parksand palaces

At The Stafford London Hotel the traditionally classic Englishheritage meets contemporary elegance in its 105 individuallydecorated rooms and suites

All you need to do to enter is predict as accurately as youcan the occupancy and average achieved room rate (AARR)per occupied room in BDOrsquos sample of hotels in Britain forthe 2014 calendar year Answers should be submitted in thefollowing format

1 Occupancy (to 1 dec place)

2 AARR pound (to 2 dec places)

You can submit your answer at the Hotel Britain LaunchEvent using the competition slips available or by emailingMelissaXGardinerbdocouk with lsquoCompetition Entryrsquo inthe subject line Entries close on 31 May 2014 Only one entryper person The winner will be notified by the 5 March 2015Winners will receive a voucher valid for redemption untilNovember 2014






CLAIRVOYANT CORNER

FROM LAST YEARS COMPETITION WINNER

I was pleased to hear that the optimisticapproach of a property developer wasfound to be realistic and my glass half fullapproach has been rewarded appropriately

How did I manage to guess correctly Well Irsquove developed a goodoversight of hotels at MAGrsquos four airports of Manchester LondonStansted East Midlands and Bournemouth and thatrsquos given me aninsight into hotel market performance through the changing timesof the sector When you mix that with the market intelligence fromRobert and his team I have a good basis for crystal ball gazing andnow I just need to transfer that foresight when I play the lottery

Wersquove got an exciting year ahead at MAG Property Wersquore movingahead at pace with our Airport City project alongside our jointventure partners here at Manchester Airport and looking forward tocontinued growth across the business We announced joint venturepartners in the shape of Carillion Beijing Construction EngineeringGroup (BCEG) and Greater Manchester Pension Fund in October

2013 and alongside Argent 2014 will be a year of progress on site

Airport City Manchester will be the core element of the UKGovernment-designated Enterprise Zone surrounding the UKrsquos thirdbusiest airport Manchester The Enterprise Zone is intended tostimulate business growth through the provision of subsidies in theform of business rate discounts worth up to pound275000 super-fastbroadband simplified planning procedures and the retention ofpooled business rates by the local authority for a period of at least25 years

Outline planning permission for Airport City Manchester wassecured at the start of 2013 and it will provide 5m sq ft ofdevelopment a mix of offices hotels advanced manufacturing

logistics and warehousing DHL was announced as the first occupierat Airport City Manchester in November 2013 taking a 37308 sq ftbespoke logistics building

DAVID ROBERTSDevelopment Manager

MAG Property






SURVEY COVERAGE

Hotel Britain is the definitive guide to theperformance and prospects of the UKrsquoshotel industry

It is compiled from the responses of a representative cross sectionof 456 hotels comprising 78228 rooms and including 152 London

hotels and 304 around the rest of the country

The results of this survey are grouped for convenience according togeographic location We break down the performance of hotels inkey centres across the country and also analyse both London andthe regions in terms of average room rate

Hotels in the capital are divided in four main bands according to theaverage room rate achieved during 2013 The top rate band Deluxecomprises superior deluxe and international deluxe propertiesThis is followed by first class and business properties with the finalcategory being tourist hotels There is also a separate performancebreakdown which extends across all these rate boundaries fortownhouse properties Regional hotels have been placed in one

of five rate bandings with a separate performance breakdownwhich extends across all these rate boundaries for country houseproperties

To ensure that our year-on-year results are directly comparableonly properties able to contribute data from the last five yearshave been included Hotels which have closed for a period ofrefurbishment or have opened during this period have beenexcluded

GLOSSARY

Definitions of some of the terms used in this report are providedbelow

bull Room occupancy the ratio of total occupied rooms to totalavailable

bull Average achieved room rate (AARR) rooms revenue dividedby the total number of guest rooms occupied during the year

bull (Average daily) rooms yield room occupancy multiplied bythe average achieved room rate (also known as RevPar)

bull Current values values expressed on an actual basis includingthe effects of inflation

bull Constant values historic and future values rebased to a base year by removing the inflation element

bull Compound Annual Growth Rate (CAGR) average growthrate on an annualised basis

PARTICIPATING HOTEL COMPANIES

Alongside the many individual properties which so kindlycontributed data to this survey we would like to recognise theinvaluable participation of the following hotel companies

The Ascott Group

Carlson Rezidor Hotel Group

Choice Hotels Europe

Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars

Four Seasons Hotels andResorts

Hand Picked Hotels

Hilton Worldwide

Hyatt Hotels and Resorts

InterContinental Hotel Group

Jurys Inn

Kew Green Hotels

Macdonald Hotels amp Resorts

Malmaison

Marriott International

MyHotels Group

NH Hoteles

Puma Collection Hotels

Q Hotels

Queens Moat House

Red Carnation Hotels

Rocco Forte Collection

Shire Hotels

Starwood Hotels and Resorts

Taj Hotels Resorts amp Palaces

The Doyle Collection Group

Thistle Hotels

Travelodge

ABOUT THIS REPORT

Research and EditorialMICHELE PASQUI

To order further copies of the report please contact

Michele Pasqui

Tel +44 (0)20 7893 3654Email MichelePasquibdocouk




BDO LEISURE AND

HOSPITALITY SERVICES

Our team works with internationalbusinesses across the Leisure industriesincluding Restaurants and Bars Betting ampGaming Hotels Professional Sports andFitness and Travel and Tourism

We provide assurance tax and advisory services to our clients whorange from small owner-managed businesses to large corporationsin both the private and public sectors but they are frequentlymarket leaders

HOTELS

Experience says a lot about a firm BDOrsquos hotel involvementstretches back almost 100 years and our London office establishedits sector consultancy in the early 1970s Since then we haveundertaken thousands of assignments throughout Europe theMiddle East Africa and the Caribbean

Our expertise covers the entire spectrum of investment andoperating activities and our involvement brings credibilitycompetence and independence to any project In short if you areactive in the hotel industry then you should be talking to BDO theindustry experts

Our team of dedicated professionals is recruited from a range ofindustry disciplines They bring with them their knowledge of theday-to-day issues that practitioners encounter we provide themwith the skills of the consultant and a wider industry perspectiveto produce a balanced approach to every assignment The resultingskills resourcefulness and dedication are brought to bear on everycommission we undertake

There is no other sector consultancy in Europe with a research andperformance database that stretches back as far as ours or containsthe volume of information that we possess Our research andpublications team and the archive facility that they have createdensures that our clients and consultants have immediate access tothe latest authoritative data

Specialist advice we can provide to the sector includes

bull Feasibility studies

bull Business valuations

bull Strategic consulting

bull Litigation supportExpert witness services

bull Transaction support

bull Mergers and acquisitions including MBOs MBIs and flotations

bull Fund raising and refinancing

bull Financial investigations

bull Systems reviews

bull Turnaround and distressed situations

bull Economic impact assessment

BETTING AND GAMING

BDO has acted as auditors tax advisers and consultants to manyUK and international betting and gaming businesses both privateand publicly quoted Our clients have ranged from many of themajor lsquobricks amp mortarrsquo bookmaking and casino operators to majoroffshore telephone and internet sports books casinos poker andother online gaming activities As well as the more traditional forms

of betting and gaming we also act for FCA regulated businesses inthe financial trading financial spread betting and CFD sector


bull International tax planning and structuring

bull Corporate financing and flotations

bull Property and corporate acquisitions and disposals

bull Financial Services Act regulations and compliance

bull Installation of management reporting and controls and internalaudit functions

bull IT controls environment reviews and systems improvement

advice

bull Feasibililty studies



RESTAURANTS BARS AND PUBS

The current economic environment is providing significantchallenges to many businesses in this dynamic sector The pressureon consumer spend means that customers are now looking for ahigher quality experience at competitive prices - value for money iskey

When combined with the effects of rising food costs and the lackof available finance these are certainly challenging times TheBERR report is also providing many groups with challenges inensuring they are fully compliant with minimum wage and TRONCregulations whilst minimising tax leakage and the potential threatof adverse publicity

However we believe that eating out is now established as abehavioural norm - the best concepts and operators continue toflourish and the availability of good sites and people provide somegreat opportunities for growth

BDO can help realise the opportunities and minimise the pressuresndash just as we have helped numerous clients to do during our longestablished history as a leading adviser in this sector We haveadvised clients as diverse as international brands and nationalchains to owner managed businesses and outlets looking to expandandor diversify

Our expertise will assist whether you are the individual restaurateur

the group operator the restaurant franchisor or franchisee

Specialist advice we can provide for your sector includes

bull BERR report TRONCS minimum wage legislation

bull Tax efficient employee incentive plans

bull Property issues and the associated stamp duty and capitalallowances

bull Business acquisitions

bull Raising finance for business expansion ndash public and privateequity and debt

bull Franchise advice

bull Business restructuring strategies

PROFESSIONAL SPORTS AND EVENTS

Our Sports and Events client base includes businesses as broadas individual golf courses and public sector clubs to fitness centrechains and listed football clubs BDO therefore has a bank ofexperienced specialists in this sector to help with your particularbusiness no matter how niche you may believe it to be You couldbe the owner of an event site or business looking to change itscommercial purpose

Or a public sector body looking for a private partnership totransform an existing facility Either way we can help you realise your strategy


bull Funding for redevelopment andor expansion

bull Private public partnerships

bull Risk assessment and planning for site redevelopment orrelocation

bull Tax planning and compliance




TRAVEL AND TOUR OPERATORS

The travel sector has undergone some of the biggest changes wehave witnessed to one particular industry over the last few years Ithas been a roller-coaster ride of new entrants and new technologyconsolidation and unpredicted new challenges to business such asSARS and terrorism

BDO has helped its travel clients turn a turbulent time into one ofopportunity Our commitment to this sector has seen us attractsome of the best known names in the business ndash from ownermanaged private businesses through to large listed companies withinternational networks By working with leading organisations fromthe travel industry we ensure we are always developing new ways toaddress your industry and regulatory issues BDO is an ABTA TravelIndustry Partner and provides the section on Travel Agents and TourOperators for Butterworthrsquos Financial Reporting and Accounting forSpecialised Sectors We have members on the ICAEW ABTA WorkingGroup instigated by ABTA and also on the ICAEWCAA WorkingGroup instigated by the CAA


bull ATOL applications

bull Tour Operator Margin Scheme

bull Industry regulation and compliance

bull Flotations acquisitions and disposals

bull Tax planning and compliance for the travel industry

bull Business continuity planning

OUR HOTELS TEAM

For more information on any of our services for the hotelindustry contact the relevant BDO expert below

AUDIT

CORPORATE FINANCE

TAXATION

BUSINESS RESTRUCTURING

AUDIT

DAVID CAMPBELLdavidcampbellbdocouk

STUART COLLINSstuartcollinsbdocouk

STEPHEN BAYFIELDstephenbayfieldbdocouk

MANAGEMENT CONSULTING

ROBERT BARNARDrobertbarnardbdocouk

JAMES WELCH jamesdwelchbdocouk

SARAH RAYMENTsarahraymentbdocouk









This publication has been carefully prepared but it has been written ingeneral terms and should be seen as broad guidance only The publicationcannot be relied upon to cover specific situations and you should not actor refrain from acting upon the information contained therein withoutobtaining specific professional advice Please contact BDO LLP to discussthese matters in the context of your particular circumstances BDO LLPits partners employees and agents do not accept or assume any liabilityor duty of care for any loss arising from any action taken or not taken byanyone in reliance on the information in this publication or for any decisionbased on it

BDO LLP a UK limited liability partnership registered in England and Walesunder number OC305127 is a member of BDO International Limited a UKcompany limited by guarantee and forms part of the international BDOnetwork of independent member firms A list of members names is open

to inspection at our registered office 55 Baker Street London W1U 7EUBDO LLP is authorised and regulated by the Financial Conduct Authority toconduct investment business

BDO is the brand name of the BDO network and for each of the BDOMember Firms

BDO Northern Ireland a partnership formed in and under the laws ofNorthern Ireland is licensed to operate within the international BDOnetwork of independent member firms

copy 2014 BDO LLP All rights reserved

wwwbdocouk

1 4 - 0 2 9 1

CONTACT

For more details please contact

ROBERT BARNARD

t +44 (0)20 7893 2143e robertbarnardbdocouk



CONTENTS

ECONOMY AND TOURISM 1

UK HOTEL TRANSACTIONS 7

UK HOTEL DEVELOPMENT TRENDS 11

VALUE ADDED SERVICES 24

2013 SURVEY RESULTS 17

WINNERS AND LOSERS 23

SUMMARY OF FIVE YEAR PERFORMANCE 26

THE ROAD AHEAD 33

CLAIRVOYANT CORNER 35

SURVEY COVERAGE 37

BDO LEISURE AND HOSPITALITY SERVICES 38



FOREWORD

















ECONOMY AND TOURISM











2011 2012 2013f 2014f 2015f

Real GDP Growth () 112 017 143 187 198

CPI inflation () 445 284 270 230 200


-146 -379 -278 -229 -192


8492 8881 9214 9525 9793

Unemployment () 802 802 774 753 731





382 392 390 385

220 228 235 239

294 282287 288

104 9888 89

0

5000

10000

15000

20000

25000

30000

35000

2009 2010 2011 2012 2013


238

280

398

85







2009 2010 2011 2012 20132012-13

change

Holiday 11424 11668 12008 11961 12781 69

Business 6579 6793 7238 7422 7931 69

Visit friends or

family (VFF)

8783 8 408 8841 8948 9369 47

Miscellaneous 3103 2935 2710 2752 2812 22

All visits 29889 29803 30798 31084 32893 58

Year-on-yeargrowth

-63 -03 33 09 58 -






119 114 116 114 109

739 740 729 733 730

142 146 155 153 161

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

V i s i t o r s (

)





2009 2010 2011 2012 2013YTD

Nov 122012-13

change


1225 1157 1266 1260 1126 1139 -11


299 298 308 311 329 - 58


209 197 226 240 217 220 -14


166 169 179 187 210 123

Total spend in


375 366 405 427 427 00











00

50

100

150

200

250

300

00

200

400

600

800

1000

1200

1400

2009 2010 2011 2012 2013 YTD

Nov 12

S p e n




PASSENGER NUMBERS




















2009 2010 2011 2012 2013 changeCAGR ()

2009-2013

AIRPORT

Heathrow 658 657 694 700 723 34 19

Gatwick 320 313 336 342 354 35 21

London City 28 27 30 30 34 120 38

Luton 90 87 95 96 97 08 15

Stansted 199 185 180 175 178 22 -22

Total London 1295 1274 1336 1343 1387 33 14

Edinburgh 90 85 94 92 98 63 17

Glasgow 72 65 69 72 74 29 04

Birmingham 91 85 86 89 91 22 00

Manchester 183 178 188 197 207 52 25

Other UK 473 423 420 414 428 32 -20
















pound65924375

pound14902353

pound66763846

pound54700000

pound32403000

pound50521914

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013


pound237603

pound149045

pound319316

pound197967

pound216525

pound160563

0

50000

100000

150000

200000

50000

300000

350000

2008 2009 2010 2011 2012 2013


)






















2009 2010 2011 2012


London 376667 310680 1060606 66667

Region 74867 62521 258621 13750

Source BDO Research



PROSPECTS FOR 2014


sector















Whitbread 58656 383 212 180

IHG 39609 281 143 132Travelodge 37911 517 137 242

Accor 25998 197 94 92

Hilton 22253 105 80 49

Marriott 13548 67 49 31

Rezidor 10075 50 36 23

Wyndham 9466 95 34 45

GLH 8279 36 30 17

De Vere 8179 61 30 29

Others 42811 340 155 159

TOTALS 276785 2132 100 100














0

10

20

30

40

50

60

70

80

90

100

26

183

200

25

314

197

55

Group Owned

0441

159

71

353

372

Independent

5 star




9944

8990

11185

15868

7659

5189

2612

4668

3207

6552

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2009 2010 2011 2012 2013









DEVELOPING TRENDS


















London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD




FOREWORD

















ECONOMY AND TOURISM











2011 2012 2013f 2014f 2015f

Real GDP Growth () 112 017 143 187 198

CPI inflation () 445 284 270 230 200


-146 -379 -278 -229 -192


8492 8881 9214 9525 9793

Unemployment () 802 802 774 753 731





382 392 390 385

220 228 235 239

294 282287 288

104 9888 89

0

5000

10000

15000

20000

25000

30000

35000

2009 2010 2011 2012 2013


238

280

398

85







2009 2010 2011 2012 20132012-13

change

Holiday 11424 11668 12008 11961 12781 69

Business 6579 6793 7238 7422 7931 69

Visit friends or

family (VFF)

8783 8 408 8841 8948 9369 47

Miscellaneous 3103 2935 2710 2752 2812 22

All visits 29889 29803 30798 31084 32893 58

Year-on-yeargrowth

-63 -03 33 09 58 -






119 114 116 114 109

739 740 729 733 730

142 146 155 153 161

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

V i s i t o r s (

)





2009 2010 2011 2012 2013YTD

Nov 122012-13

change


1225 1157 1266 1260 1126 1139 -11


299 298 308 311 329 - 58


209 197 226 240 217 220 -14


166 169 179 187 210 123

Total spend in


375 366 405 427 427 00











00

50

100

150

200

250

300

00

200

400

600

800

1000

1200

1400

2009 2010 2011 2012 2013 YTD

Nov 12

S p e n




PASSENGER NUMBERS




















2009 2010 2011 2012 2013 changeCAGR ()

2009-2013

AIRPORT

Heathrow 658 657 694 700 723 34 19

Gatwick 320 313 336 342 354 35 21

London City 28 27 30 30 34 120 38

Luton 90 87 95 96 97 08 15

Stansted 199 185 180 175 178 22 -22

Total London 1295 1274 1336 1343 1387 33 14

Edinburgh 90 85 94 92 98 63 17

Glasgow 72 65 69 72 74 29 04

Birmingham 91 85 86 89 91 22 00

Manchester 183 178 188 197 207 52 25

Other UK 473 423 420 414 428 32 -20
















pound65924375

pound14902353

pound66763846

pound54700000

pound32403000

pound50521914

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013


pound237603

pound149045

pound319316

pound197967

pound216525

pound160563

0

50000

100000

150000

200000

50000

300000

350000

2008 2009 2010 2011 2012 2013


)






















2009 2010 2011 2012


London 376667 310680 1060606 66667

Region 74867 62521 258621 13750

Source BDO Research



PROSPECTS FOR 2014


sector















Whitbread 58656 383 212 180

IHG 39609 281 143 132Travelodge 37911 517 137 242

Accor 25998 197 94 92

Hilton 22253 105 80 49

Marriott 13548 67 49 31

Rezidor 10075 50 36 23

Wyndham 9466 95 34 45

GLH 8279 36 30 17

De Vere 8179 61 30 29

Others 42811 340 155 159

TOTALS 276785 2132 100 100














0

10

20

30

40

50

60

70

80

90

100

26

183

200

25

314

197

55

Group Owned

0441

159

71

353

372

Independent

5 star




9944

8990

11185

15868

7659

5189

2612

4668

3207

6552

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2009 2010 2011 2012 2013









DEVELOPING TRENDS


















London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD







ECONOMY AND TOURISM











2011 2012 2013f 2014f 2015f

Real GDP Growth () 112 017 143 187 198

CPI inflation () 445 284 270 230 200


-146 -379 -278 -229 -192


8492 8881 9214 9525 9793

Unemployment () 802 802 774 753 731





382 392 390 385

220 228 235 239

294 282287 288

104 9888 89

0

5000

10000

15000

20000

25000

30000

35000

2009 2010 2011 2012 2013


238

280

398

85







2009 2010 2011 2012 20132012-13

change

Holiday 11424 11668 12008 11961 12781 69

Business 6579 6793 7238 7422 7931 69

Visit friends or

family (VFF)

8783 8 408 8841 8948 9369 47

Miscellaneous 3103 2935 2710 2752 2812 22

All visits 29889 29803 30798 31084 32893 58

Year-on-yeargrowth

-63 -03 33 09 58 -






119 114 116 114 109

739 740 729 733 730

142 146 155 153 161

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

V i s i t o r s (

)





2009 2010 2011 2012 2013YTD

Nov 122012-13

change


1225 1157 1266 1260 1126 1139 -11


299 298 308 311 329 - 58


209 197 226 240 217 220 -14


166 169 179 187 210 123

Total spend in


375 366 405 427 427 00











00

50

100

150

200

250

300

00

200

400

600

800

1000

1200

1400

2009 2010 2011 2012 2013 YTD

Nov 12

S p e n




PASSENGER NUMBERS




















2009 2010 2011 2012 2013 changeCAGR ()

2009-2013

AIRPORT

Heathrow 658 657 694 700 723 34 19

Gatwick 320 313 336 342 354 35 21

London City 28 27 30 30 34 120 38

Luton 90 87 95 96 97 08 15

Stansted 199 185 180 175 178 22 -22

Total London 1295 1274 1336 1343 1387 33 14

Edinburgh 90 85 94 92 98 63 17

Glasgow 72 65 69 72 74 29 04

Birmingham 91 85 86 89 91 22 00

Manchester 183 178 188 197 207 52 25

Other UK 473 423 420 414 428 32 -20
















pound65924375

pound14902353

pound66763846

pound54700000

pound32403000

pound50521914

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013


pound237603

pound149045

pound319316

pound197967

pound216525

pound160563

0

50000

100000

150000

200000

50000

300000

350000

2008 2009 2010 2011 2012 2013


)






















2009 2010 2011 2012


London 376667 310680 1060606 66667

Region 74867 62521 258621 13750

Source BDO Research



PROSPECTS FOR 2014


sector















Whitbread 58656 383 212 180

IHG 39609 281 143 132Travelodge 37911 517 137 242

Accor 25998 197 94 92

Hilton 22253 105 80 49

Marriott 13548 67 49 31

Rezidor 10075 50 36 23

Wyndham 9466 95 34 45

GLH 8279 36 30 17

De Vere 8179 61 30 29

Others 42811 340 155 159

TOTALS 276785 2132 100 100














0

10

20

30

40

50

60

70

80

90

100

26

183

200

25

314

197

55

Group Owned

0441

159

71

353

372

Independent

5 star




9944

8990

11185

15868

7659

5189

2612

4668

3207

6552

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2009 2010 2011 2012 2013









DEVELOPING TRENDS


















London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD






2009 2010 2011 2012 20132012-13

change

Holiday 11424 11668 12008 11961 12781 69

Business 6579 6793 7238 7422 7931 69

Visit friends or

family (VFF)

8783 8 408 8841 8948 9369 47

Miscellaneous 3103 2935 2710 2752 2812 22

All visits 29889 29803 30798 31084 32893 58

Year-on-yeargrowth

-63 -03 33 09 58 -






119 114 116 114 109

739 740 729 733 730

142 146 155 153 161

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

V i s i t o r s (

)





2009 2010 2011 2012 2013YTD

Nov 122012-13

change


1225 1157 1266 1260 1126 1139 -11


299 298 308 311 329 - 58


209 197 226 240 217 220 -14


166 169 179 187 210 123

Total spend in


375 366 405 427 427 00











00

50

100

150

200

250

300

00

200

400

600

800

1000

1200

1400

2009 2010 2011 2012 2013 YTD

Nov 12

S p e n




PASSENGER NUMBERS




















2009 2010 2011 2012 2013 changeCAGR ()

2009-2013

AIRPORT

Heathrow 658 657 694 700 723 34 19

Gatwick 320 313 336 342 354 35 21

London City 28 27 30 30 34 120 38

Luton 90 87 95 96 97 08 15

Stansted 199 185 180 175 178 22 -22

Total London 1295 1274 1336 1343 1387 33 14

Edinburgh 90 85 94 92 98 63 17

Glasgow 72 65 69 72 74 29 04

Birmingham 91 85 86 89 91 22 00

Manchester 183 178 188 197 207 52 25

Other UK 473 423 420 414 428 32 -20
















pound65924375

pound14902353

pound66763846

pound54700000

pound32403000

pound50521914

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013


pound237603

pound149045

pound319316

pound197967

pound216525

pound160563

0

50000

100000

150000

200000

50000

300000

350000

2008 2009 2010 2011 2012 2013


)






















2009 2010 2011 2012


London 376667 310680 1060606 66667

Region 74867 62521 258621 13750

Source BDO Research



PROSPECTS FOR 2014


sector















Whitbread 58656 383 212 180

IHG 39609 281 143 132Travelodge 37911 517 137 242

Accor 25998 197 94 92

Hilton 22253 105 80 49

Marriott 13548 67 49 31

Rezidor 10075 50 36 23

Wyndham 9466 95 34 45

GLH 8279 36 30 17

De Vere 8179 61 30 29

Others 42811 340 155 159

TOTALS 276785 2132 100 100














0

10

20

30

40

50

60

70

80

90

100

26

183

200

25

314

197

55

Group Owned

0441

159

71

353

372

Independent

5 star




9944

8990

11185

15868

7659

5189

2612

4668

3207

6552

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2009 2010 2011 2012 2013









DEVELOPING TRENDS


















London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD








00

50

100

150

200

250

300

00

200

400

600

800

1000

1200

1400

2009 2010 2011 2012 2013 YTD

Nov 12

S p e n




PASSENGER NUMBERS




















2009 2010 2011 2012 2013 changeCAGR ()

2009-2013

AIRPORT

Heathrow 658 657 694 700 723 34 19

Gatwick 320 313 336 342 354 35 21

London City 28 27 30 30 34 120 38

Luton 90 87 95 96 97 08 15

Stansted 199 185 180 175 178 22 -22

Total London 1295 1274 1336 1343 1387 33 14

Edinburgh 90 85 94 92 98 63 17

Glasgow 72 65 69 72 74 29 04

Birmingham 91 85 86 89 91 22 00

Manchester 183 178 188 197 207 52 25

Other UK 473 423 420 414 428 32 -20
















pound65924375

pound14902353

pound66763846

pound54700000

pound32403000

pound50521914

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013


pound237603

pound149045

pound319316

pound197967

pound216525

pound160563

0

50000

100000

150000

200000

50000

300000

350000

2008 2009 2010 2011 2012 2013


)






















2009 2010 2011 2012


London 376667 310680 1060606 66667

Region 74867 62521 258621 13750

Source BDO Research



PROSPECTS FOR 2014


sector















Whitbread 58656 383 212 180

IHG 39609 281 143 132Travelodge 37911 517 137 242

Accor 25998 197 94 92

Hilton 22253 105 80 49

Marriott 13548 67 49 31

Rezidor 10075 50 36 23

Wyndham 9466 95 34 45

GLH 8279 36 30 17

De Vere 8179 61 30 29

Others 42811 340 155 159

TOTALS 276785 2132 100 100














0

10

20

30

40

50

60

70

80

90

100

26

183

200

25

314

197

55

Group Owned

0441

159

71

353

372

Independent

5 star




9944

8990

11185

15868

7659

5189

2612

4668

3207

6552

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2009 2010 2011 2012 2013









DEVELOPING TRENDS


















London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD












2009 2010 2011 2012 2013 changeCAGR ()

2009-2013

AIRPORT

Heathrow 658 657 694 700 723 34 19

Gatwick 320 313 336 342 354 35 21

London City 28 27 30 30 34 120 38

Luton 90 87 95 96 97 08 15

Stansted 199 185 180 175 178 22 -22

Total London 1295 1274 1336 1343 1387 33 14

Edinburgh 90 85 94 92 98 63 17

Glasgow 72 65 69 72 74 29 04

Birmingham 91 85 86 89 91 22 00

Manchester 183 178 188 197 207 52 25

Other UK 473 423 420 414 428 32 -20
















pound65924375

pound14902353

pound66763846

pound54700000

pound32403000

pound50521914

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013


pound237603

pound149045

pound319316

pound197967

pound216525

pound160563

0

50000

100000

150000

200000

50000

300000

350000

2008 2009 2010 2011 2012 2013


)






















2009 2010 2011 2012


London 376667 310680 1060606 66667

Region 74867 62521 258621 13750

Source BDO Research



PROSPECTS FOR 2014


sector















Whitbread 58656 383 212 180

IHG 39609 281 143 132Travelodge 37911 517 137 242

Accor 25998 197 94 92

Hilton 22253 105 80 49

Marriott 13548 67 49 31

Rezidor 10075 50 36 23

Wyndham 9466 95 34 45

GLH 8279 36 30 17

De Vere 8179 61 30 29

Others 42811 340 155 159

TOTALS 276785 2132 100 100














0

10

20

30

40

50

60

70

80

90

100

26

183

200

25

314

197

55

Group Owned

0441

159

71

353

372

Independent

5 star




9944

8990

11185

15868

7659

5189

2612

4668

3207

6552

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2009 2010 2011 2012 2013









DEVELOPING TRENDS


















London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD















pound65924375

pound14902353

pound66763846

pound54700000

pound32403000

pound50521914

0

10

20

30

40

50

60

70

80

2008 2009 2010 2011 2012 2013


pound237603

pound149045

pound319316

pound197967

pound216525

pound160563

0

50000

100000

150000

200000

50000

300000

350000

2008 2009 2010 2011 2012 2013


)






















2009 2010 2011 2012


London 376667 310680 1060606 66667

Region 74867 62521 258621 13750

Source BDO Research



PROSPECTS FOR 2014


sector















Whitbread 58656 383 212 180

IHG 39609 281 143 132Travelodge 37911 517 137 242

Accor 25998 197 94 92

Hilton 22253 105 80 49

Marriott 13548 67 49 31

Rezidor 10075 50 36 23

Wyndham 9466 95 34 45

GLH 8279 36 30 17

De Vere 8179 61 30 29

Others 42811 340 155 159

TOTALS 276785 2132 100 100














0

10

20

30

40

50

60

70

80

90

100

26

183

200

25

314

197

55

Group Owned

0441

159

71

353

372

Independent

5 star




9944

8990

11185

15868

7659

5189

2612

4668

3207

6552

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2009 2010 2011 2012 2013









DEVELOPING TRENDS


















London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD


















2009 2010 2011 2012


London 376667 310680 1060606 66667

Region 74867 62521 258621 13750

Source BDO Research



PROSPECTS FOR 2014


sector















Whitbread 58656 383 212 180

IHG 39609 281 143 132Travelodge 37911 517 137 242

Accor 25998 197 94 92

Hilton 22253 105 80 49

Marriott 13548 67 49 31

Rezidor 10075 50 36 23

Wyndham 9466 95 34 45

GLH 8279 36 30 17

De Vere 8179 61 30 29

Others 42811 340 155 159

TOTALS 276785 2132 100 100














0

10

20

30

40

50

60

70

80

90

100

26

183

200

25

314

197

55

Group Owned

0441

159

71

353

372

Independent

5 star




9944

8990

11185

15868

7659

5189

2612

4668

3207

6552

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2009 2010 2011 2012 2013









DEVELOPING TRENDS


















London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD




PROSPECTS FOR 2014


sector















Whitbread 58656 383 212 180

IHG 39609 281 143 132Travelodge 37911 517 137 242

Accor 25998 197 94 92

Hilton 22253 105 80 49

Marriott 13548 67 49 31

Rezidor 10075 50 36 23

Wyndham 9466 95 34 45

GLH 8279 36 30 17

De Vere 8179 61 30 29

Others 42811 340 155 159

TOTALS 276785 2132 100 100














0

10

20

30

40

50

60

70

80

90

100

26

183

200

25

314

197

55

Group Owned

0441

159

71

353

372

Independent

5 star




9944

8990

11185

15868

7659

5189

2612

4668

3207

6552

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2009 2010 2011 2012 2013









DEVELOPING TRENDS


















London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

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Exclusive Hotels

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First Inns

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Hand Picked Hotels

Hilton Worldwide



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MyHotels Group

NH Hoteles


Q Hotels

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Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















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advice








































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wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD














Whitbread 58656 383 212 180

IHG 39609 281 143 132Travelodge 37911 517 137 242

Accor 25998 197 94 92

Hilton 22253 105 80 49

Marriott 13548 67 49 31

Rezidor 10075 50 36 23

Wyndham 9466 95 34 45

GLH 8279 36 30 17

De Vere 8179 61 30 29

Others 42811 340 155 159

TOTALS 276785 2132 100 100














0

10

20

30

40

50

60

70

80

90

100

26

183

200

25

314

197

55

Group Owned

0441

159

71

353

372

Independent

5 star




9944

8990

11185

15868

7659

5189

2612

4668

3207

6552

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2009 2010 2011 2012 2013









DEVELOPING TRENDS


















London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD







0

10

20

30

40

50

60

70

80

90

100

26

183

200

25

314

197

55

Group Owned

0441

159

71

353

372

Independent

5 star




9944

8990

11185

15868

7659

5189

2612

4668

3207

6552

0

2000

4000

6000

8000

10000

12000

14000

16000

18000

2009 2010 2011 2012 2013









DEVELOPING TRENDS


















London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD





DEVELOPING TRENDS


















London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD






London4500

Aberdeen

148

Edinburgh

523

Manchester

518

Glasgow

659

Liverpool

703

Birmingham

300

Gatwick

245

Newcastle

222

Bath

99

Dundee

91

Stirling

44

Christchuch

68

Chester

63

Hook

70

Brighton

94

Southampton

259

Portsmouth

414

Number of new rooms





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD





LONDON 983080circa 4500983081


Rooms 291




















Christchurch





Rooms 523
































2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD







2013 SURVEY RESULTS







720

725

730

735

740

745

750

755

760

765

770

775

0

20

40

60

80

100

120

2009 2010 2011 2012 2013

pound


UK HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 740 758 760 756 770


- 25 02 -05 18 10

AARR (pound) 9304 9837 10254 10508 10588


- 57 42 25 08 33









Source BDO Research

Source BDO Research






81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD







81

81

82

82

83

83

84

0

20

40

60

80

100

120

140

160

180

2009 2010 2011 2012 2013

pound


66

67

68

69

70

71

72

73

74

0

10

20

30

40

50

60

70

80

2009 2010 2011 2012 2013

pound


London HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 816 832 830 821 831


- 20 -03 -11 12 04

AARR (pound) 12370 13666 14604 15265 15248


- 105 69 45 -01 54



- 126 65 34 11 58


Regional HotelsCAGR

(2009-2013)

2009 2010 2011 2012 2013

Occupancy () 690 710 714 715 730


- 30 06 01 21 14

AARR (pound) 6948 6923 6971 7025 7122


- -04 07 08 14 06



- 26 13 09 35 21



Source BDO Research

Source BDO Research

Source BDO Research

Source BDO Research







R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD








R o o m s y i e l d

g r o w t h

-10

-5

0

5

10

15

20

2010 2011 2012 2013

-5 0 5 10 15 20 25

De luxe

Superiordeluxe

Internationaldeluxe

First class

Business class

Tourist

Townhouseboutique

2013 2012 2011 2010










Source BDO Research

Source BDO Research






Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD







Segment (AARR) 2010 2011 2012 2013

De luxe (gtpound150) 142 56 45 06









Segment (AARR) 2010 2011 2012 2013


gtpound80 46 31 07 47

pound70-pound80 29 16 10 38

pound60-pound70 16 07 14 33

pound50-60 15 03 02 30

ltpound50 -19 -34 -21 15





2013 2012 2011 2010

-5 -3 -1 1 3 5

Country House

gtpound80

pound70-pound80

pound60-pound70

pound50-60

ltpound50

Source BDO Research

Source BDO Research

Source BDO Research








WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD









WINNERS AND LOSERS



















CAGR 2009-13 change 2012-13

60

38

79

09

35

05

04

30

13

14

0 1 2 3 4 5 6 7 8 9

N Ireland

Wales

Scotland

England

Regional UK

Source BDO Research





change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

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AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD






change 2012-1 3 CAG R 2009- 13

-8 -3 2 7 12 17

Stansted

Newcastle

Gatwick

Swindon

Heathrow

Derby

Coventry

Stratford-upon-Avon

Norwich

Solihull

Northampton

WindsorMaidenhead

York

Glasgow

Maidstone

Brighton

Bristol

Cardiff

Southampton

Nottingham

Manchester

Cambridge

Bath

Belfast

Milton Keynes

Birmingham

Portsmouth

Chester

Reading

Leicester

Cheltenham

Edinburgh

Liverpool

Oxford

Leeds

Aberdeen

Source BDO Research







PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD








PERFORMANCE



All UK 456 78228 740 758 760 756 769 18 10


De luxe (gtpound150) 58 11074 798 821 815 818 823 06 08




Tourist (ltpound75) 32 5049 797 836 837 794 811 22 04


Regional UK 304 46765 690 710 714 715 730 21 14

England 248 39172 682 682 705 708 709 01 10

Scotland 40 6129 719 742 749 742 763 28 15

Wales 11 1520 734 732 730 730 742 17 03

N Ireland 4 670 777 730 724 800 802 03 08

gtpound80 67 10426 702 728 736 735 741 08 14

pound70-pound80 59 8924 698 717 720 720 730 14 11

pound60-pound70 88 14400 691 709 714 721 741 28 18

pound50-60 50 7835 679 698 702 698 719 29 14

ltpound50 40 5179 663 684 680 673 694 31 12

Country house 41 3424 639 665 664 645 658 20 07

Airport hotels 22 6855 750 805 789 794 802 10 17





2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD






2009 2010 2011 2012 2013 1213 CAGR 09-13

9304 9837 10254 10508 10588 08 33

12370 13666 14604 15265 15248 -01 54

19695 21863 23267 24217 24223 00 53

23496 27162 27177 28785 28948 06 54 14690 16578 17778 17770 17501 -15 45

10152 11253 12191 12590 12651 05 57

7585 8273 9020 9414 9506 10 58

5356 5454 5614 5647 5627 -04 12

21402 23534 24589 25599 26896 51 59

7129 6923 6971 7025 7122 14 00

6848 6848 6839 6887 6940 08 03

7301 7292 7359 7364 7 729 50 14

7238 7313 7145 7117 7263 20 01

6773 6427 6130 6331 6690 57 -03

9405 9494 9678 9752 10133 39 19

7100 7118 7197 7274 7448 24 12

6542 6477 6483 6503 6538 05 00

5534 5461 5444 5486 5491 01 -02

4835 4600 4469 4418 4349 -16 -26

8229 8244 8409 8537 8643 12 12

7036 7203 7 357 7258 7195 -09 06


2009 2010 2011 2012 2013 1213 CAGR 09-13

6881 7458 7790 7947 8150 26 43

10098 11023 12105 12515 12647 11 58

15709 17946 18952 19813 19928 06 61

18024 21761 21761 23225 23563 15 69 12364 13904 14841 14831 14620 -14 43

8544 9458 10230 10521 10687 16 58

6269 6926 7565 7742 7979 31 62

4268 4562 4697 4482 4564 18 17

16949 18499 19548 20179 21114 46 56

4922 4916 4978 5024 5199 35 14

4667 4667 4823 4873 4917 09 13

5247 5411 5512 5467 5900 79 30

5310 5353 5217 5193 5391 38 04

5265 4689 4440 5062 5366 60 05

6605 6907 7119 7170 7508 47 33

4957 5103 5185 5235 5436 38 23

4521 4595 4626 4691 4846 33 17

3757 3812 3824 3831 3945 30 12

3205 3144 3037 2975 3019 15 -15

5261 5484 5580 5507 5685 32 20

5275 5802 5805 5763 5771 01 23

Source BDO Research





PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD






PERFORMANCE



Aberdeen 9 995 711 720 757 786 772 -17 21

Bath 3 425 737 773 752 737 749 16 04

Belfast 4 670 777 730 724 800 802 03 08

Birmingham 6 1080 669 667 649 652 699 71 11

Brighton 4 851 657 675 695 702 722 29 24

Bristol 7 1415 691 717 704 697 711 20 07

Cambridge 3 461 787 789 814 777 799 29 04

Cardiff 8 1106 759 751 750 748 765 23 02

Cheltenham 4 358 661 701 710 702 738 51 28

Chester 3 369 709 656 652 683 701 26 -03

Coventry 3 270 617 611 608 598 625 45 03

Derby 3 360 571 600 596 659 686 42 47

Edinburgh 13 2216 766 760 787 775 799 30 10

Gatwick 3 1094 720 782 738 800 791 -12 24


Leeds 7 1177 737 732 722 714 768 76 10

Leicester 3 592 636 638 663 641 699 91 24

Liverpool 5 817 717 716 709 666 673 10 -16

Maidstone 4 423 694 701 705 715 715 00 07

Manchester 13 2957 738 758 779 790 794 06 18

Milton Keynes 4 639 682 715 738 741 758 23 27

Newcastle 6 1148 757 764 758 750 735 -19 -07

Northampton 4 415 593 630 649 676 684 11 36

Norwich 3 362 695 683 695 734 741 09 16

Nottingham 7 1047 610 626 653 652 702 76 36

Oxford 3 357 711 743 770 762 815 69 35

Portsmouth 5 565 728 752 749 737 787 68 20

Reading 5 665 541 625 658 677 707 44 69

Solihull 5 1542 588 630 618 643 637 -10 20

Southampton 4 668 685 700 718 727 744 23 21

Stansted 3 640 637 692 685 710 699 -15 24


Swindon 4 535 647 677 677 642 671 45 09


York 4 515 824 811 823 815 813 -02 -03





2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD






2009 2010 2011 2012 2013 1213 CAGR 09-13

5143 4886 5343 5973 6973 167 79

6164 6859 6 818 6691 7056 54 34

5265 4689 4440 5062 5366 60 05

3957 4105 3830 3675 3923 67 -02

5456 5442 5924 6073 6245 28 34

4761 4877 4774 4719 4868 31 06

6733 7013 7274 7258 7653 54 33

5691 5685 5580 5580 5817 43 06

4107 4492 4355 4320 4740 97 36

4780 4290 4 187 4460 4863 90 04

3634 3570 3408 3438 3431 -02 -14

3489 3595 3436 3968 3905 -16 29

6328 6 241 6 706 6627 7332 106 37

5455 5986 5667 5790 5490 -52 02

4936 5080 5007 4969 5072 21 07 5575 6368 6475 6383 6213 -27 27

4419 4300 4164 4 166 4690 126 15

4226 4173 4292 4112 4504 95 16

4930 4829 4719 4369 4855 111 -04

4245 4399 4460 4599 4709 24 26

5265 5433 5662 5 779 6074 51 36

4090 4242 4624 4 741 5051 65 54

5138 5120 5068 4934 4673 -53 -23

3804 4045 4241 4382 4436 12 39

4281 4277 4383 4658 4684 06 23

3607 3559 3647 3723 3907 49 20

6757 7307 7668 7956 8893 118 71

4741 4939 4 818 4884 5 291 83 28

3259 3586 3940 4265 4650 90 93

5120 5451 5228 5340 5374 06 12

4272 4146 4129 4369 4582 49 18

3905 4179 4049 3876 3650 -58 -17

4806 4937 5018 4711 4736 05 -04

4159 4092 4180 4248 4112 -32 -03

5598 5 760 6000 6548 6682 20 45

5404 5304 5283 5504 5567 11 07


2009 2010 2011 2012 2013 1213 CAGR 09-13

7233 6 790 7056 7599 9029 188 57

8364 8873 9065 9080 9426 38 30

6773 6427 6130 6331 6690 57 -03

5919 6151 5906 5632 5612 -04 -13

8299 8063 8525 8654 8 651 00 10

6891 6804 6782 6770 6844 11 -02

8551 8893 8939 9348 9575 24 29

7502 7575 7436 7464 7604 19 03

6214 6 412 6137 6153 6425 44 08

6740 6542 6422 6526 6936 63 07

5891 5842 5606 5751 5493 -45 -17

6112 5988 5767 6021 5688 -55 -18

8257 8211 8526 8549 9181 74 27

7574 7658 7683 7235 6942 -41 -22

6657 6555 6447 6421 6406 -02 -10 7315 7689 7962 8 014 7732 -35 14

5999 5875 5 770 5836 6109 47 05

6642 6544 6477 6412 6438 04 -08

6876 6743 6657 6557 7217 101 12

6118 6272 6329 6433 6589 24 19

7130 7164 7265 7 316 7645 45 18

5997 5931 6267 6401 6664 41 27

6792 6702 6686 6580 6355 -34 -16

6413 6419 6537 6481 6488 01 03

6160 6262 6311 6345 6325 -03 07

5911 5685 5582 5707 5565 -25 -15

9507 9835 9962 10442 10917 45 35

6515 6567 6435 6624 6 720 14 08

6021 5 738 5986 6303 6581 44 22

8711 8648 8461 8302 8442 17 -08

6233 5925 5752 6006 6160 26 -03

6130 6043 5911 5459 5218 -44 -39

7260 7205 7232 7264 7366 14 04

6425 6040 6178 6614 6125 -74 -12

8505 8474 8785 9123 9383 29 25

6561 6540 6422 6757 6851 14 11

Source BDO Research






THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD







THE ROAD AHEAD





London



Regions


















COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD







COMPETITION








life with style












CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD







CLAIRVOYANT CORNER










MAG Property






SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD







SURVEY COVERAGE








GLOSSARY










The Ascott Group



Compass

Corus Hotels

English Lakes

Exclusive Hotels

Firmdale Hotels

First Inns

Four Pillars


Hand Picked Hotels

Hilton Worldwide



Jurys Inn

Kew Green Hotels


Malmaison


MyHotels Group

NH Hoteles


Q Hotels

Queens Moat House



Shire Hotels




Thistle Hotels

Travelodge

ABOUT THIS REPORT



Michele Pasqui





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD





BDO LEISURE AND




HOTELS

















BETTING AND GAMING










advice








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD








































OUR HOTELS TEAM


AUDIT

CORPORATE FINANCE

TAXATION


AUDIT






















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD
















wwwbdocouk

1 4 - 0 2 9 1

CONTACT


ROBERT BARNARD


hotel britain 2014

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