Manchester Hotels Set the Bar for Increasing Yields
While serviced offices in Manchester have brought their prices down in an attempt to increase occupancy, the hotels in the city have taken the completely opposite approach report Crain’s.A key measure for both the hotel and serviced office industry is yield, basically the amount of money achieved per square foot or per room. In what is a difficult time for the travel industry, hotels in Manchester have still managed to increase their average room rate by almost £5 to £91.86 and yield per room by over 4%. Occupancy rates were just 2% down at just below 80%, still higher than the national average of 76.4%, suggesting that the market isn’t quite as price sensitive as some may think.
We don’t have industry date for business centres in Manchester, but we suspect it may well show average yields down. Perhaps occupancy, or at least number of workstations occupied in the city, will be up slightly but perhaps this is in spite of the reduced rates rather than because of them.
We think hotels have really set the standard for other service industries to follow here and shows just how strong the north west region is.
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