The price of Nottingham hotels is increasing at one of the fastest rates outside London in the UK, according to a new report.
Hospitality intelligence service Hotstats published a report which found the average room rate in Nottingham has increased from £59.56 in March 2016 to £63.17 in March 2017, a rise of 6.1 per cent.
The percentage of hotel rooms filled in the city in the same period also increased by 6.4 per cent – from 67.4 per cent to 73.8 per cent.
Sales manager at Lace Market Hotel Amy Derrick says she has noticed a similar trend at the hotel since they reopened in October 2015.
She said: “We are usually fully booked on the weekends and especially when there are special events on in the city.
“A lot of it comes down to the growing economy in Nottingham; lots of people come to the city for events and choose to stay in the city for a couple nights.”
According to Amy, a lot of visitors during weekdays are corporate costumers who come to the city because of Nottingham’s growth in the business sector.
She said: “Nottingham is very much in the middle of everywhere and close to networks which makes it a middle ground for people travelling.
“A lot of our visitors are from the US and China who come for business but also for the two universities in the city.”
Hotstats reported they expect profits for Nottingham hotels and prices to continue to rise.
The report said: “With no new supply expected to enter the market in the foreseeable future, hotels in Nottingham look set to maintain an upward performance trajectory in 2017 and potentially beyond.”
One hotel that could be coming to the city centre is the development project currently known as the Guildhall Hotel by Miller Birch on Burton Street.
A spokesman from Miller Birch said: “We are currently speaking to a number of operators for the Guildhall Hotel plan.
“The council’s desired plans for the lot is that it is turned into a five star hotel for Nottingham.”
Brendan Moffett, chief executive of Marketing Nottingham & Nottinghamshire, said: “It is great to see hotels in Nottingham have performed particularly well in the 12 months to March 2017.
“The positive performances of the city’s hotels, in terms of the increases in room occupancy, rate and profitability, reflect our success in raising the profile of the city as a key destination for business and leisure visitors.”
He added Nottingham’s sporting and cultural history is helping to drive tourism.
He said: “Tourism is a huge economic driver for the county, which, in 2015 contributed £1.680bn to the local economy – up 4.5 per cent from the previous year.
“Nottinghamshire has a world-class reputation for its legends, local traditions, culture, sport and heritage and we are working hard to increase the number tourism and business visitors to the region.”