Lit-Inn targets London for its first hotels
After much deliberation, Lit-Inn is proud to announce that London will be the host of its first few hotel projects. Apart from being the largest metropolis in the European Union (with around 10+ million residents), the capital of the UK is also second most visited city in the world due to its history, culture, and diversity.
Moreover, since the Brexit vote (back in 2016), London became even more attractive adding around 3 million extra tourists per year. Apart from the traditional attractions of London, the capital’s tourism sector benefited from a big drop in pound value against other major currencies, making the capital much more affordable for tourists from North America, Continental Europe, Middle East and other destinations.
An additional interesting trend is the growth of domestic tourism. Again, with the value of the pound dropping recently, overseas tourism is becoming less affordable for British families. So, many British tourists prefer to stay within the UK and visit London and other regional destinations instead. As a result, the Central London hotel sector is enjoying very high occupancy rates of above 83%, which is a robust statistic for the capital’s hotel sector.
For us, we consider London as the ideal birthplace of Lit-Inn because asset and service prices are becoming more affordable and the market is ripe for disruption from an innovative hospitality concept creator. We believe that a new high-tech and green lifestyle concept such as Lit-Inn has the ability to dramatically capture people’s interest.
Our team is made up of top class hospitality experts who have built successful careers across household institutions such as Hilton, Marriott, Premier Inn, Travelodge, and more. Our current pipeline includes more than half a dozen projects across London.
Stay tuned for further announcements on our progress.