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Exeter is a lively, bustling city with a rich cultural heritage. With its fantastic selection of shops, vibrant entertainment scene and beautiful countryside, it’s no wonder that Exeter attracts thousands of tourists each year.
With over £500m+ invested between 2011 and 2016 alone, Exeter is a sought-after area for investment and development opportunities. The money has been used to improve the area’s infrastructure with the Exeter and East Devon Growth Point programme. Worth over £2billion, this development programme features six new sustainable developments including the Skypark Business Park and the Flybe Training Academy.
Based at Exeter Airport, Flybe has built a state-of-the-art, multi-million-pound training academy for their staff and has helped to address the crucial need for skills development in the South West.
The training academy (who also hire out their facilities to other companies) will benefit from the use and recent expansion of the Hampton by Hilton in Exeter as it is just 0.2 miles (4-minute walk) from the academy. Flybe advertises their partnership with Hampton by Hilton hotel in Exeter as their ‘on-site hotel’ as it meets their corporate hospitality needs. This recent growth development programme is set to increase the demand for Hampton by Hilton Exeter hotel.
Another major development is the Exeter Science Park. With over 20 companies trading from the park and located near Exeter Airport, hotels will be in-demand, including the Hampton by Hilton Exeter hotel. PwC (UK Hotels Forecast 2018) state that conference, meetings and corporate demand are key drivers for those wanting to use hotels outside of London.
Long-term annual corporate contracts make up over 50% of the Hampton by Hilton Hotel’s occupancy. Before the expansion, considerable income was lost due to lack of room availability. It looks like this expansion has come just in time for this massive growth programme and could significantly increase the asset value.
Exeter is a geographically strong location with good connectivity to London and other parts of the UK. Around 35,000 people commute into Exeter daily, making this a thriving economic centre where the demand for hotels such as the Hampton by Hilton Exeter hotel is ever increasing.
According to Visit Britain, tourism contributes £106 billion a year to the British Economy, with the South West being the third highest area in the UK. This increase comes from corporate guests but also tourists who come for the lively atmosphere, stunning architecture and areas of interest such as the Jurassic Coast.
We are expecting a bright future for the Hampton by Hilton hotel in Exeter.