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Iconic London hotels could be sold to Middle East
Some of the UK’s most high-profile travel and tourism brands could be snapped up by wealthy Middle Eastern businessmen, predicts the WTM Global Trends Report.
The Savoy, Grosvenor House, Claridge’s, the Berkeley and the Connaught, which are all up for sale, could end up with Eastern owners, said the report.
The 2009 Finance Act gives Middle Eastern organisations relief from Stamp Duty and Capital Gains Tax and has led to an increase in investment in the UK, according to the report compiled by Euromonitor International.
The Qatari royal family recently bought Harrods and the WTM Global Trends Report said this influence could spread to the travel industry.
Tourists from the region represent ‘a significant opportunity’ for the UK because they have proved to be more resilient in recession. There are more than 400,000 millionaires in the Middle East worth a total of £950bn, it said.
Last year, Middle East visitors spent £810m in the UK. The UK Border Agency is expanding its visa application centres in Abu Dhabi, Dubai, Riyadh and Jeddah to cope with increased demand from the top end of the market.
Euromonitor International head of global travel and tourism research Caroline Bremner said: "The UK is ripe for investment from the Middle East with attractive property prices and the value of the pound.
"We anticipate visitors from Saudi Arabia and the United Arab Emirates to the Uk to increase significantly in the next four years."
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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