UK hotel industry market size 2013-2024

The United Kingdom’s hotel market ranges from renowned 5-star and luxury hotels to major national budget brands. In 2023, the market size of the hotel industry in the UK was valued at approximately 24.7 billion British pounds, up from the previous year's total of 16.42 billion British pounds. In 2024, the market size of this industry was forecast to decrease marginally by around 400 million British pounds.

How high is the UK’s hotel occupancy rate?

The monthly hotel occupancy rate in the UK reached 74 percent in March 2024. While this figure was a slight decrease from the same month in the previous year, it was significantly higher than in the years 2020, 2021, and 2022. In March 2020 and 2021, the country's hotel occupancy rate had fallen to 37 percent and 33 percent, respectively. The low occupancy rate during 2020 and 2021 was due to the impact of the coronavirus (COVID-19) pandemic which greatly limited travel and tourism across the globe. 

Who are the key players in the UK hotel industry?

During the 2022/23 financial year, Whitbread’s annual revenue amounted to 2.63 billion British pounds. Whitbread is a UK multinational leisure and hospitality company, best known as the owner of the Premier Inn hotel brand which can be found across the country. Meanwhile, the gross revenue of Holiday Inn hotels worldwide totaled six billion U.S. dollars in 2023. Holiday Inn is a brand of hotels owned by the British company InterContinental Hotels Group.