According to the latest joint city review by Christie + Co and STR Global, 2010 year-to-date July results for Manchester hotels show a 0.9% rise in RevPAR compared to the same period in 2009. Despite a general improvement in market conditions, monthly performance has been somewhat erratic.
Manchester is the largest regional economic centre outside of London and has been one of the UK’s fastest growing economies. Having undergone significant regeneration over the last ten years, the city has been transformed into a major business and leisure destination, attracting over 102 million visitors to the Greater Manchester area in 2008.
Manchester is a leading destination for conference and exhibitions (Manchester Central), events (M.E.N Arena) and leisure (retail and sports) and is supported by an excellent transportation infrastructure including the UK’s fourth largest airport. Key tourist attractions include The Lowry Museum, The Trafford Centre, the M.E.N Arena and Manchester United football club (Old Trafford).
Greater Manchester will soon be home to the most significant media development in the UK – MediaCityUK. Covering 200 acres, this £3bn four-phase scheme is well underway and several departments of the BBC will relocate there during the course of 2011.
Trends in Hotel Market Performance
According to data provided by STR Global, Manchester hotels recorded an overall decline in RevPAR performance of 12.4% in 2009 compared to 2008. The Conservative Party conference held in October 2009 combined with a general demand upturn resulted in the first month with positive, albeit moderate, RevPAR growth (0.2%) since mid 2008. Further improvement was noticeable in November and December, even though RevPAR remained below 2008 levels.