Liverpool property investors looking for their next opportunity in the city could be drawn towards the hotel market, following the news that the local visitor economy is now worth more than £4.5 billion.
The Liverpool city region attracted 64.2 million visitors in 2017, 2.7 per cent more than in the previous year.
Overnight stays on the rise
The Local Enterprise Partnership (LEP) figures provided particularly positive news for hotel investors, showing that the number of overnight stays in Liverpool was up by 2.2 per cent last year.
There was a 3.6 per cent increase in the number of people staying in paid accommodation, to 2.6 million. The economic impact of this trend increased by 8.9 per cent to nearly £1 billion.
Liverpool remained the fifth most visited destination in the UK for overseas travellers.
Recent growth in visitor numbers has contributed to wider positive trends, providing an economic impact of just over £3 billion in 2017, a year-on-year increase of 5.6 per cent.
The number of jobs supported by the industry also rose by 3.2 per cent to nearly 35,000.
Looking at the long-term picture, the LEP revealed that the value of the visitor economy to the Liverpool city region grew by 66 per cent between 2009 and 2017, rising from £2.73 billion to £4.53 billion.
Over the same period, the number of day and overnight visitors increased from 52.3 million to 64.2 million.
Peter Sandman, head of visitor economy for the LEP, said: “In the ten years since Liverpool became European Capital of Culture, the city, and region as a whole, has seen the visitor economy experience a healthy growth and the sector continues to contribute significantly to the region’s economy.
“It is particularly encouraging to see our overseas visitors staying longer, as well as the number of jobs supported by the sector continuing to grow.”
Hotel market opportunities
With so much culture to explore and sights to see – as well as a thriving economy, which raises the likelihood of regular trips by corporate travellers – Liverpool can expect its visitor numbers to continue increasing in the years to come.
Investors looking to make the most of this trend will find opportunities in the hotel market, particularly in projects that provide easy access to the city’s commercial centres and tourist attractions.
Experience Invest is currently offering some powerful incentives to invest in one such development: the Epic Hotel and Residence in the trendy Baltic Triangle.
This hotel will attract guests with facilities including luxury suites and Liverpool’s first rooftop swimming pool, while investors will receive ten per cent net annual rental returns guaranteed for ten years.