As part of the “bleakest outlook since benchmarking began”, PwC predicts that the light at the end of the coronavirus tunnel is far from in sight for the struggling UK hotel industry.
Looking at occupancy rate forecasts for London and the rest of the UK, 2020 is expected to be down from 83 and 75 percent, to just 29 and 38 percent respectively. Calculated on the basis of a vaccine announcement being made in Q2 2021 (the figures represent averages of Q1 and Q3 scenarios), the recovery is predicted to be far from complete next year, as our infographic shows.
Worse still, PwC predicts that it could take four years before UK hotels fully return to pre-crisis levels. As stated in it’s report: “This is a stark reality for a once optimistic industry, which has seen a decade of growth post the global financial crisis and is a concerning trend for hotels and the wider hospitality industry.”
