By Neil Hart Group Managing Director at Bradley Hall
The tourism industry throughout the North East continues to thrive and grow at a rapid pace. Recent figures show that this sector alone is worth around £4bn to the local economy.
The most recent statistics which were announced in summer of 2018 showed that the amount spent by those visiting the region increased by nearly 4.5% between 2016 and 2017 – and this growth looks set to continue.
This positive news also indicates the steady growth and success of the hotel industry in the region, with the recently opened Maldron Hotel and plans for two new hotels by the Marriott Group announced within Newcastle city centre alone.
Attractions like The Great Exhibition of the North and the annual Great North Run no doubt have helped to bolster the number of tourists to the region. Significant investment and further exciting plans have been announced for Newcastle and Gateshead especially.
Our relationships with the region’s leading licensed and leisure operators also continues to grow. We are working closely with North East based firm The Inn Collection Group as it continues to roll out strategic growth plans of its ‘pubs with rooms’ model. The purchase comes at a time of significant growth for the firm, following its successful bid to gain £10m of funding for future acquisitions. The Inn Collection Group aims to more than double its portfolio to 21 hotels by 2022.
As well as welcoming visitors and tourists who are based outside of the region, the local ‘staycation’ market is booming – with many people choosing to visit local areas of interest and natural beauty. Northumberland in particular has become a popular destination for people who live both inside and outside of the region. We have noticed many pub operators across the region now have plans to add to their offerings – with plans to add lodges or ‘glamping’ facilities to their land.
Similarly, the success of licensed pubs and restaurants sector continues to grow. Newcastle alone has become a hub for independent and national chain restaurants, with other North East towns and cities also benefitting from the launches of popular eateries and bars. This market is particularly competitive, and operators either quickly sink or swim. We were delighted to assist Vaulkhard Group acquire the former Loch Fyne site in Gosforth, adding to quality venues in this popular suburb.
Additionally, the leisure sector continues to perform well as creative entertainment, recreation and sports continue to grow in popularity. Schemes including the new Ghetto Golf destination in Newcastle, Middlesbrough’s Snow Centre and of course the highly anticipated Whey Aye on Newcastle Quayside to name a few have brought a great buzz to the region.
