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London has seen a boom in the opening of budget hotels since the Olympics were held in the city four years ago.
More than 50 per cent of the 18,000 hotel rooms that have opened in London since 2012 have been in the budget sector, according to a report by JLL’s Hotels & Hospitality Group and promotional agency London & Partners.
The growth of budget properties is set to continue with the sector due to account for around one-third of the 7,000 new rooms due to come on to the market this year.
Budget hotels account for around 20 per cent of London’s total stock of 140,000 rooms – led by major chains Premier Inn and Travelodge which have 65 and 63 properties respectively in the UK capital.
The London Hotel Development Monitor report also highlighted how more hotel development is taking place outside the traditional hotspots, such as the West End, with new properties opening in areas such as Shoreditch, Fitzrovia, Bloomsbury, Paddington and Docklands.
Gordon Innes, CEO of London & Partners said: “The hotel industry is a vital part of London’s booming tourism economy, which is now worth £36 billion and supports hundreds of thousands of jobs, many of which are widely accessible.
“As more and more visitors come and explore our great city, it’s encouraging to see the hotel sector growing and bringing exciting new developments to visitors.”