Birmingham Hotel Market Overview
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1 Birmingham Hotel Market Overview January
2 1. Birmingham hotel market performance headlines for December 2013 While the occupancy rate dropped slightly between November and December detailed analysis shows that during the period of the Frankfurt Christmas Market (14 th November 22 nd December), at 80% the occupancy rate in Birmingham was some 1.5% higher than in the same period in Average room rate and RevPAR both increased by 7% and 9% respectively during this period. After a strong performance in November, Occupancy rate in December dropped slightly from 64% in 2012 to 63% in 2013 this is largely due to the drop on Christmas Day (from 38% to 29%) and 30 th December (from 91% to 26%). Birmingham s occupancy rate was the equal sixth highest of all the core cities At 54 the average room rate in Birmingham was up from 50 a year ago but is still below the UK regional average of 58 and is the third lowest rate of all the core cities. At 34 RevPAR was a little up on December 2012 but still below the UK regional average of 36. Of all core cities only Nottingham and Sheffield had lower rates. 2. Context Birmingham s hotel market, along with that of the UK as a whole and beyond, has been significantly affected by the economic downturn and the associated fall in corporate and consumer spending. After peaking in 2006/2007 hotel occupancy rates fell sharply in 2008 and continued to fluctuate around this level in 2009 and Hoteliers continued to face a challenging economic climate in both 2011 and Encouragingly, however, in both cases after a tough first six months occupancy rates rose strongly in the second half of the year - boosted by both: Major conference business such as the Conservative Conference in 2012 and the Liberal Democrat Conference in Indeed Birmingham has successfully promoted itself as a major international event destination for a number of years. Other key events have included the Rotary International Convention in 2009 and IPEX, the largest English-speaking global technology event for print, publishing and media in Birmingham s annual Frankfurt Christmas Market and Christmas Craft Fair which stimulates spending on shopping, bars, cafes and restaurants as well as overnight stays and tourism over the festive period. Occupancy rate in Birmingham rose by 1.5% in 2013 to 80% compared to the same period in Average room rate and RevPAR both increased by 7% and 9% respectively during this period. 2
3 Source: STR Global In parallel the city has developed a larger and more diverse range of accommodation and bedstock in order to accommodate major events. Currently there are 28 hotels currently at various stages in the planning and/or construction process, demonstrating the confidence investors hold in the city s visitor economy. However the rapid pace of investment in new hotel accommodation means that in difficult market conditions average room rates and RevPAR have tended to remain lower than in many other core cities. Nevertheless Birmingham is well placed to reap the benefits once corporate and consumer spending starts to recover. Its prospects are further strengthened, moreover, by 10 billion plus of public infrastructure investment planned and underway which includes: The redevelopment of New Street rail station and associated retail and leisure developments The extension of the Midland Metro tram network through the city centre The extension of the runway at Birmingham Airport to create a world-class global gateway with direct links to China, South America, Africa and the west coast of the USA The new Library and arts complex which opened in September
4 Hotel Occupancy After a strong performance in November, the occupancy rate in December dropped slightly from 64% in 2012 to 63% in More detailed analysis shows that this is largely due to a significant drop on Christmas Day (from 38% to 29%) and the 30 th December (from 91% to 26%). Birmingham s occupancy rate in December was the equal sixth highest of all the core cities A more detailed analysis also shows that during the period of the Frankfurt Christmas Market (14 th November 22 nd December), at 80% the occupancy rate in Birmingham was some 1.5% higher than in the same period of Source: STR Global 4
5 Average room rates At 54 the average room rate in Birmingham was up from 50 a year ago but is still below the UK regional average of 58 and is the third lowest rate of all the core cities. During the period of the Frankfurt Christmas Market, average room rate increased by 7%, from to Source: STR Global 5
6 Revenue per Available Room At 34 RevPAR was a little up on December 2012 but still below the UK regional average of 36. Of all core cities only Nottingham and Sheffield had lower rates. During the period of the Frankfurt Christmas Market, Revenue per available room rose by 9%, from to Source: STR Global 6
7 3. Local Performance Occupancy rates were highest in within the Birmingham inner ring road (67.9%) and for hotels graded 1-3 star (61.6%). Occupancy rates were up on December 2012 in all areas except the areas within the Birmingham inner ring road and between the outer ring road and the Birmingham boundary. REVPAR was up on December 2012 in all areas and was highest for hotels graded 4 star or above ( 46) and within the Birmingham inner ring road Current Month Dec 2013 vs. Dec 2012 Occ % ADR ( ) RevPAR ( ) Within Birmingham InnerRingRoad Between Inner&OuterRingRoad Between Outer&Bham Boundary Inner Solihull Between Inner&Solihull Boundary Black Country Birmingham & Solihull 1-3 star Bham Solihull 4 star Source: STR Global 7
8 4. Future Hotel Developments in and around Birmingham The local market is currently experiencing significant development activity. There are 28 hotels at various stages in the planning and/or construction process, demonstrating the confidence investors hold in the city s visitor economy. Development Name Size Estimated Completion Date Quality Tune Hotel Beneficial House, Paradise Street 137 bed hotel Mar 2014 Park Regis Five ways 272 bedroom Park Regis hotel with conference facilities Jun * Holiday Inn Express, Holliday Street, Arena Central Resorts World, Birmingham Genting Casino 210 bedrooms Jan 2015 Budget 176 bedroom hotel Jan 2015 Adagio City Apart Hotel 108 bedrooms Mar 2015 Double Tree by Hilton, Birmingham, Edgbaston Mill 200 room hotel as part of mixed use development Nov * Hotel Indigo Waterloo Street 60 bed hotel Jan
9 Future Hotel Developments in and around Birmingham (Continued) Development Name Size Estimated Completion Date Quality Eastside Locks Urban business park scheme. 185 bed quality hotel with leisure and restaurant facilities Manor Park Developments, Suffolk Street Queensway 25 storey, 259 bedroom hotel and 144 bedroom apart-hotel Regal Tower Beorma Quarter Development A 289 bed luxury hotel with banqueting and conferencing facilities, retail, leisure and residential On the corner of Digbeth Street and Allison Street Grand Hotel Colmore Row 152-bedrooms hotel Snow Hill Martineau Galleries Westin Hotel & Spa as part of mixed use Snow Hill development Hotel as part of mixed use development 5 * Curzon Park, Eastside 190-bedroom hotel 3* Pentavia Two 200 beds Hotels as part of a mixed use development 301 Broad Street Possible boutique hotel as part of leisure development Boutique Baskerville Wharf 150 bed hotel as part of mixed development Jewellery Quarter: St. Georges 220 bed hotel Eastside Quarter: Masshouse sites 3 & bedrooms 9
10 Future Hotel Developments in and around Birmingham (Continued) Development Name Size Estimated Completion Date Quality Irish Quarter: Paragon Hotel Scheme to consist of the former 250- bed Paragon Hotel and adjacent site to comprise a 200 bed residential scheme. Former HP factory site in Aston Cross Hotel as part of mixed use development 3-4* 224 Broad Street 310-bed hotel Blucher Street, next to the Mailbox 133-bedrooms three star hotel as part of mixed use development 3* Holloway Head 131-bedrooms hotel Travelodge NEC 104 bedroom hotel Independent (Solihull) 200 rooms 10
11 Future Hotel Developments in and around Birmingham 11
12 Other developments in and around Birmingham Development Name Size Estimated Completion Date Quality Newhall Square 190 apartments by Serviced apartment operator Staycity 2013 Broad Street (Regal Tower) 250 serviced apartments Recent Hotel Openings & Refurbishments in and around Birmingham Development Name Size Completion Date Quality Staybridge Suites Corporation Street 168 bed hotel Dec 2013 N/A Premier Inn Exchange Building in Stephenson Place (former HSBC building on the New Street ramp) 139 bedroom hotel Sept 2013 Budget Hampton Inn Constitution Hill Birmingham City North 109 bedrooms-hotel Aug 2013 Budget Premier Inn Longbridge 75-bedroom hotel Aug 2013 Budget Holiday Inn Express Birmingham Snow Hill 224 bedrooms-hotel June * Premier Inn Solihull Town Centre 112-bedroom hotel and restaurant Aug 2012 Budget Hogarths Hotel Solihull Redevelopment expanded from 17 rooms to 49 rooms Jun * 12
13 Recent Hotel Openings & Refurbishments in and around Birmingham (Continued) Development Name Size Completion Date Quality Broad Street (former site of Brannigans Pub) 285-bed Hampton by Hilton Hotel May * Eastside: Hotel La Tour 174-bedrooms four star hotel 26 th Mar * Indigo (located in the Cube Development) 52 bedroom hotel Dec * Travelodge Hotel, Carrs Lane 88-bedroom hotel Nov 2011 Budget Travelodge Hotel at Birmingham Airport 200 bedroom Travelodge hotel Sep 2011 Budget Holiday Inn Express 1,270 Coventry Road 84-bed room hotel July 2011 Budget Bullring: Upper Dean Street 210-bed Travelodge Apr 2011 Budget Jewellery Quarter: Bloc Hotel 73-bedrooms four-storey boutique hotel Mar 2011 Boutique 13
14 Recent Hotel Openings & Refurbishments in and around Birmingham 14
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