Once a month, Steve Lowy – Founder and Chairman of Umi – kindly shares his thoughts about the current state of the hospitality industry.
“Well, things aren’t calm, are they? Every month I write this I hope that the next month has less dramatic things to talk about, but alas, this is not the case.
In the last month, we have seen the sad passing of her Majesty the Queen followed swiftly by some very radical political changes with regard to tax and the cost of living support, amongst many other things. All of these things have led to a crazy drop in the valuation of the £ in relation to the USD to its lowest point in almost half a century.
Although a lot remains to be seen how this will all work out long-term, in the short-term it has never been cheaper for Americans to travel to the UK, which should see a further increase in travellers here in the autumn and winter periods. At the same time, the cost of going to the States, a popular destination for Brits, has gone up too, which could lead to more people deciding to stay in the UK in the short-term if they are able to have a little break.
There has also been an acceleration in chatter within the hospitality sector with regard to sustainability within properties, fuelled by the cost of utilities. I do hope this is a movement that continues well past this current crisis, as I feel that the sector can do a lot more to make its practices more sustainable, which is good for the future of hospitality.
Well, here is to a less dramatic next few weeks!”