London – World actual property companies firmCushman & Wakefield has additional strengthened the specialist recommendation it offers to purchasers within the UK Hospitality sector by bringing Mark Woolfitt again to the agency.
An skilled hospitality valuation specialist who labored at Cushman & Wakefield for eight years earlier in his profession, Woolfitt has re-joined the agency as a Accomplice having spent the final 9 years as a Director in CBRE’s Lodges group.
Mark is extraordinarily nicely regarded and brings an enormous quantity of expertise of offering valuation recommendation to the main gamers within the UK hospitality business. We’re delighted to welcome him again to Cushman & Wakefield the place his experience will considerably profit our purchasers in making knowledgeable selections. Carl Ridgley, Head of Hospitality Valuation & Advisory at Cushman & Wakefield
Cushman & Wakefield analysis revealed that greater than £2.4bn of UK actual property was transacted by resort buyers in 2023. During the last 12 months, Cushman & Wakefield’s resort valuation group within the UK suggested on a number of of the most important transactions which have occurred, valuing greater than £1 billion for transactional functions.
The general annual quantity of £2.4bn lined 149 properties throughout the UK, representing 14,255 particular person rooms. Whereas the annual quantity of offers was down in contrast with 2022, the ultimate quarter of 2023 (£745m) was 97% up on the identical interval 12 months earlier (£379m) with exercise anticipated to proceed to develop in 2024 because the debt market stabilises and demand progress continues. Operators, in the meantime, have loved sturdy buying and selling and in a single day stays in resorts are projected to surpass 2019 ranges in 2024.
Hospitality has proved its resilience as a sector which is mirrored in operators’ buoyant buying and selling efficiency. The sector stays enticing to buyers due to the power to reinforce earnings in a better inflation atmosphere coupled with the long-term prospects of capitalising on structural shifts. Though the market skilled constrained deal move final 12 months, I anticipate to see an uptick in exercise in 2024 as refinancing occasions happen and inflationary stress subsides. I’m wanting ahead to working with the group at Cushman & Wakefield and offering our purchasers with the specialist recommendation they want because the market evolves. Mark Woolfitt, Accomplice, Hospitality Valuation & Advisory at Cushman & Wakefield
Cushman & Wakefield, which offers a full vary of companies to hospitality builders, buyers and operators, lined the outlook for the hospitality sector in its latest European Outlook 2024 report.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a number one international business actual property companies agency for property house owners and occupiers with roughly 52,000 staff in roughly 400 workplaces and 60 nations. In 2022, the agency reported income of $10.1 billion throughout its core companies of property, services and challenge administration, leasing, capital markets, and valuation and different companies. It additionally receives quite a few business and enterprise accolades for its award-winning tradition and dedication to Variety, Fairness, and Inclusion (DEI), Environmental, Social and Governance (ESG) and extra.