A fifth consecutive year of profit growth for the UK hotels market has left accommodation providers in Bristol cautiously optimistic about enjoying a prosperous 2018.
Occupancy rates in the greater Bristol area for 2017 have been at 79% This has been buoyed with people coming to the city to enjoy its many attractions and events.
According to Destination Bristol, August saw the best performing weekend in the city..
HotStats, a profit and loss benchmarking services to hoteliers named Bristol as one of the top performing markets in the UK in July, and said the UK industry was on course for a fifth consecutive year of profit per room growth.
The city has also become one of the most popular destinations for business meetings and events according the annual British Meetings & Events Industry Survey with Bristol now ranked fifth across the UK.
It is seen as an increasingly important city which now delivers the infrastructure that event organisers want combined with an accessible location and excellent value.
Major events such as the International Balloon Fiesta, Bristol Harbour Festival, the Downs Music Festival, concerts at the Lloyds Amphitheatre, sporting fixtures such as World Cup cricket and Glastonbury Festival all generated demand for accommodation in and around the city.
There was also displaced demand due to several major events in Cardiff, which did not have enough bed space of its own.
The Welsh capital saw Champions League football and a series of sell-out Coldplay concerts at the Principality Stadium. These both helped boost business in Bristol.
Bristol Hoteliers Association Chairman Mark Payne said: “There may be fewer ‘spike’ events in the calendar for 2018, with Glastonbury having a rest year and no Champions League in Cardiff, but we remain confident of another good year in 2018.
“The current economic climate and poor exchange rate has been beneficial to us, because it has prompted more people to enjoy city breaks and ‘staycations’ in the UK, which is likely to continue well into 2018.”