Liverpool hotels benefit from Capital of Culture

As a direct result of Liverpool’s status as European Capital of Culture, the city's hotels saw a 15.2% rise in yield from rooms booked in February.

Figures released by PKF Hotel Consultancy Services show an increase in rooms yield from £50.15 (2007) to £57.79 (2008). This was attributable to a 10.2% increase in room rate and a 4.5% increase in occupancy. During the month, Liverpool celebrated the Chinese New Year as well as staging a series of other exhibitions, events and concerts.

Robert Barnard, partner for Hotel Consultancy Services at PKF, said: 'February was another steady month for UK hotels and so far, it seems there is no discouragement for UK hoteliers despite the turmoil in the financial markets since the credit crunch.

'It's true that 2008 is likely to be slower than 2007, but this is due not just to the global economic conditions, but also the fact that UK hotels have experienced a healthy period of growth over the last couple of years which is now starting to stabilise.'

In the regions, there was consistent growth with rooms yield rising 2.3% to £50.66 against £49.50 last year. This was a result of a 3.1% growth in room rate but a 0.5% drop in room occupancy – 69.6% in 2007 to 69.1% in 2008, according to PKF.

London experienced continued growth with room rates rising by 5.8% from £123.42 to £130.61. Occupancy remained static at 77.7%, the overall growth in rooms yield saw a rise from £95.92 last year to £101.45.

For more information about PKF Hotel Consultancy Services visit www.pkf.co.uk.