2026年英国酒店交易业绩回顾

A year of two halves in 2025, but one of steadfast resilience. Thebiggest challenge for the year ahead will be protecting the NetOperating Income, as the strong rise in business rates is expected toerode margins across all segments of the UK hotel market. 2026 https://www.knightfrank.co.uk/research/sectors/hotels rates, rising employment costs, andnew regulatory obligations. Together,these pressures are likely to temperthe pace of growth in the UK hotelmarket over the near term, andincrease the likelihood of decliningprofitability and margin erosionacross the sector. Foreword Amid low revenue growth and sustained significant cost pressures, we evaluate howthe UK hotel market fared in 2025 and consider the broader implications for marketconditions in the year ahead. Many hoteliers will, however, belooking to sustain the positive tradingmomentum that underpinned thestrong finish to 2025. While budgetingremains cautious across much of thesector, there is measured optimismthat 2026 will bring continued revenuegrowth (building on last year’scomparatively resilient performance)– supported by increased room ratesand continued growth in wellness andleisure demand. The biggest challenge,however, will be protecting the NetOperating Profit, as the strong rise inbusiness rates is expected to erodemargins across all segments of the UKhotel market. Confronting the headwinds andbuilding resilience have been keythemes which the UK hotel sectorhas battled in recent years, whilstsimultaneously driving its recovery ina post-pandemic era. GOPPAR endured during the first halfof the year, driven by reductions inthe ADR, combined with increasingcosts, were reversed, with full yearRevPAR for 2025 on par or aheadof the previous year and GOPPARalmost stable, across most segments inLondon and regional UK. “Despite the unsettledand challenging tradingenvironment encounteredthis past year, the sector hasshown steadfast resilience,with a much more robustperformance achievedduring the second half ofthe year.” Despite the unsettled andchallenging trading environmentencountered in 2025, the sector hasshown steadfast resilience, witha much more robust performanceachieved during the second half of theyear. As a result, the steep declines in As we move into 2026, the operatinglandscape in the UK has becomeincreasingly challenging, shaped bythe cumulative effect of recent policyshifts – including higher business Once the three-year transitionalrelief for business rates comes toan end, as it stands, allowing forinflationary growth, many hotelowners are set to face liabilitiesreturning to – or in many cases evensurpassing – the levels of taxation seenin 2019. The key difference, however,is that the trading landscape hasfundamentally shifted. Our analysisshows that operating conditions arenow far more challenging, with costburdens significantly higher thanin 2019. As a result, the impendingrise in business-rates obligationsrepresents a substantial headwind forthe sector, and profitability is likely tocome under further pressure unlessappeals are successful or additionalgovernment relief is provided beyondwhat is currently available. “The biggest challenge,however, will be protectingthe Net Operating Profit, asthe strong rise in businessrates is expected to erodemargins across all segmentsof the UK hotel market.” Forecasts Whilst the forecasting environment remains unpredictable, there is cautious optimismthat revenue growth will modestly exceed 2025 levels. Strengthening top-lineperformance remains fundamental to hotel trading – and is now even more criticalgiven the increasingly challenging outlook for sustaining current profit levels. REVENUE KPI FORECASTS For regional UK, despite new supplybeing more constrained and mostlyconfined to specific cities, we considerthere is only limited opportunity forfurther occupancy growth, havingreached 75.7% in 2025. Growth will belimited to certain key markets, whilstmost hotels across regional UK arelikely to have reached a stabilisedlevel of performance. regulatory environment are notdue to take effect until 2027, manybusinesses are expected to beginmaking the necessary preparationsover the coming year to ensure theycan adapt to the new legislation onceit comes into force. the threat of terrorism, with enhancedprotection required by improvingsecurity systems, processes, and stafftraining. All of which will have costimplications for those hospitalitypremises which fall within theset criteria. Whilst changes to the branded hotels in the upscale, upper-upscale and luxury segments. In partnership with HotStats,we have produced our latestcomprehensive review of the UK’shotel trading performance, providinga unique insight into hotel revenues,operational and undistributedexpenses, and profitability. In London, we consider that the marketwill maintain occupancy broadly onpar with 2025. VisitBritain has forecastgrowth in inbound arrivals of 4% for2026 and, as is typical, a high proportionof th