GVA hosted two successful events in November on the role of local authorities in bringing forward hospitality developments. Both THREG in London and in partnership with the Welsh Government in Cardiff, GVA has been instrumental in bringing together investors with public sector opportunities.
On the 15th of November GVA hosted over 80 delegates at The Hospitality Real Estate Group (THREG) breakfast meeting to discuss why now is the right time to seek local authority investment in hospitality projects.
THREG was created to provide investors and developers with a source of professional expertise provided by its Members and Sponsors; all of whom have experience, expertise and interests in the sector.
THREG’s Chairman, Sir James Devitt, introduced the event which was followed by an overview of public sector engagement in hotel developments by GVA’s Andrew Renouf. The presentation outlined the key benefits for local authorities, as well as brands, investors and developers and highlighted a number of projects GVA have advised on that have benefitted from public sector involvement.
Richard Gaunt, Head of Consultancy at GVA, moderated a panel discussion on the topic that included Cairn Hotels, Accor and Marick Capital.
Richard Gaunt said: “GVA are delighted to host so many colleagues from industry to learn more about the benefits for developers and investors as well as local authorities. I think it was surprising for many at the event to hear how over 30 hotel projects, around £300m worth of development, have been delivered this way. We have worked on a number of schemes in the last year that had support from the public sector – for us this is now commonplace. It is great to be at the forefront of this evolution, and we look forward to being able to offer our clients our experience in this field”.
Unlocking Investment Opportunities: Hospitality and Tourism Development in Wales
GVA partnered with Visit Wales to produce an investment conference on the 29th November at the Principality Stadium in Cardiff. The event aimed to create new partnerships and accelerate project delivery in the tourism sector by bringing together investors and stakeholders with investment opportunities in Wales.
Local Authorities with projects ready for investment attended the conference as an opportunity to showcase their projects to a range of potential investors.
Conference delegates also heard the experiences of high profile investors in Wales including Celtic Manor & International Conference Centre, Aston Martin and Surf Snowdonia, with Wales and British Lions legend Scott Quinnell as the key note speaker for the day.
The Minister for Culture, Tourism and Sport, Lord Elis-Thomas attended the conference and said: “Wales is undergoing a transformation in terms of the quality of its tourism offer and whilst the Welsh Government is able to provide support where there is market failure, it is also imperative that we attract investor confidence in Wales’ tourism sector in order to ensure that we deliver on long term growth of the sector –so that Wales is able to compete in a global market place. Collaboration is key to economic growth and I hope that today has provided some exciting opportunities for future partnerships.”
Andrew Renouf Director of GVA, addressed delegates and gave an overview of the market in Wales. He said: “It is great to see a buoyant and growing tourism sector in Wales, but there is work still to do to raise the profile of the offer, attract more overseas visitors and mitigate seasonality and geographical disparity. Today was an important step in showcasing some major development opportunities to investors, and GVA were delighted to have a role to play. The future for Welsh tourism looks bright and the interest shown today from developers and investors is very encouraging.”
Taking the opportunity to showcase the developments ready for investment in Cardiff was Cardiff Council. Jonathan Day, Cardiff Council Economic Policy Manager, said: “Wales is a unique destination and has distinct offer for visitors, from its spectacular countryside, a thriving cultural scene, ancient heritage and progressive cities. Cardiff, as a gateway to much of Wales, and the fastest growing major UK city is the Capital at the centre of that story. With a focus on regenerating the city centre as international hub for commerce and industry and the bay as a leading UK urban recreation and cultural destination, we are confident the market for business and leisure visitors will continue to expand in coming years, building on the £1.3bn already spent annually by tourists in the city by the 22 million visitors.”