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Experts at ‘Life After Lockdown’ webinar predict positive outlook for UK hotels and hospitality - but challenges remain


The UK hotels and hospitality sectors are set for a broadly positive future beyond lockdown, despite needing to navigate several financial and operational challenges, according to industry experts speaking at the webinar Life after Lockdown.

This fourth instalment of the webinar series Real Estate Restructuring Strategies: Beyond COVID-19, hosted by real estate specialist Colliers in partnership with the Turnaround Management Association (TMA) was attended by more than 200 people and moderated by Nick Hammond, head of Advisory & Restructuring at Colliers.

Panellists were Peter Stevens, former UK TMA President and senior advisor at SME Capital; Nicholas Northam, executive vice-president international at Interstate Hotels & Resorts; Ben Godon, head of Hospitality and Asset Management at Colliers; Julian Troup, head of UK Hotels Agency at Colliers; and Ross Kirton, head of UK Leisure Agency at Colliers.

Nick Hammond introduced the webinar by noting it was one year on from the previous Colliers and TMA event on this topic, one month on from the relaxation of indoor trading restrictions and that we should have been on the cusp of a full reopening, but that the industry now has another agonising four weeks to wait.

He cited a number of positives throughout the discussion, including that “hoteliers and leisure operators are often innovative and entrepreneurial business people”. In addition, he and fellow panellists discussed the importance of managing costs and cash; the outlook for subdued revenue and profitability levels for at least another 18-24 months until the benefits of full reopening are felt; and how the current disparity between city, suburban, corporate and leisure spend is creating marginalised assets, as well as new opportunities.

The generally positive tone was continued by Nicholas Northam who provided examples of the agility shown by hoteliers in responding to the impact of lockdown upon their business, including an innovative scheme from his own firm leading independent multinational hotel operator Interstate Hotels & Resorts.

“One of the things that we’ve done which has been very successful is that we’ve converted a number of hotel meeting spaces into courtrooms, as the backlog in the courts and the legal system is so great that they do not have the space to manage all the requirements,” he said.

He added that the speed and agility that hotel operators had shown over the past 14 months in adapting their offering, embracing digital and reducing their cost bases would need to continue even after lockdown was lifted.

“We’re going to have to react to the changes that get thrown at us, and I think they will continue to come at us in one shape or another. I don’t think we can say ‘Great, 19 July, everything’s back to normal’. I think there will be changes and the ability of hoteliers to be agile is going to be absolutely critical.”

The way in which the hotels sector had defied gloomy predictions made in the early days of lockdown was highlighted by Julian Troup, who said that Colliers Hotels Agency team had seen sales ‘flying’ in prime staycation areas such as the Lake District and Cotswolds, and that values were holding up well in these areas with pre-COVID prices often being paid, often because of a lack of stock.

He noted that there had been a significant shift in the way in which investors looked at hotels, with a greater focus being placed upon potential future revenue.

“In years gone by we’ve sold hotels on the basis of actual performance, on trading figures, but now we’re seeing people prepared to buy on the basis of what is around the corner,” he said.

Ben Godon commented that hotels were presently attracting attention from a range of potential investors. “On the investment side, we are seeing a lot of interest into UK hospitality, certainly hotels, whether it’s domestic investors or overseas investors looking to put their money into the UK, there is continuing to be very strong demand, which has got to be good news for the sector in the long term,” he said.

Commenting on investment in hospitality and leisure, Ross Kirton said: “There are a lot of private equity firms that have managed to pick up restaurant groups cheaply during the pandemic. We’ve also had a number of IPOs and share placings with more to follow; so we are now seeing stock market money keen to invest in the sector showing confidence in its long term outlook.”

The message from Peter Stevens was that hotel and hospitality operators should seek to stabilise their businesses, and that for those with a track record there would be lenders willing to provide funding.

“The turnaround industry encourages businesses to look to stabilise their operations to see them through these tough times, by reducing costs as much as you can, and then weathering the storm until times are better. Patience is probably the inevitable and only option,” he said.

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Nick Hammond

Head of Advisory & Restructuring

Advisory & Restructuring


I am a Director and Head of the Advisory & Restructuring team at Colliers, which provides real estate restructuring, turnaround and insolvency services to lenders, investors, business management teams and practitioners across all UK property sectors.

We specialise in providing effective, practical solutions to complex situations – integrating real estate valuation, strategy and disposal services with in-depth market knowledge to help key stakeholders assess value, identify opportunities, mitigate risk and release capital.

By working closely with the wider Colliers platform and local sector experts across core and alternative markets, we quickly adapt to and evaluate a wide range of property sectors and locations throughout the UK – including residential, retail, licensed & leisure, hotels, healthcare, automotive, office and industrial.

We are passionate about providing effective advisory and restructuring services to businesses, their lenders and investors – combining our restructuring experience with full-service real estate expertise to ensure that every project is delivered in a dynamic, tailored way to achieve consistent and efficient results.

My role includes: 

  • advising lenders and investors on non-performing loans and facility covenant breaches – acting consensually or via appointment as LPA / Fixed Charge Receiver; 
  • working with business and asset managers to help evaluate and reorganise real estate portfolios – including occupied estates, trading assets and investments; and
  • acting for financial consultants and Insolvency Practitioners to assist with corporate restructuring and insolvency – helping to assess value, mitigate risk and maximise returns.

I am a Chartered Surveyor, RICS Registered Valuer, APC Assessor and LPA / Fixed Charge Receiver.

Having worked throughout the real estate cycle since 2007, I have a breadth and depth of experience in property valuation, lease advisory and restructuring.  Prior to this, I studied Real Estate Management and International Banking & Finance at Nottingham Trent University and Nottingham Business School. I also have experience in sales and running a small business.

Outside of work, I enjoy keeping fit, spending time with family & friends and supporting local small & independent businesses, particularly in the food and leisure sectors.

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Julian Troup

Head of UK Hotels - Agency

Hotels Agency

London - West End

I originally trained with a long established firm of Chartered Surveyors based in Manchester and have been working in the licensed, leisure and hotel property market since 1987. I joined Colliers in 2007 to head up our UK Corporate hotel operation. I was appointed Head of UK Hotel Agency during 2011.  Since the beginning of 2003 I have sold or acquired over 100 provincial hotels on behalf of clients of asking prices ranging from £1.2m to in excess of £20m.  In addition to the managerial responsibilities, I remain focused on handling larger private and corporate hotel transactions throughout the UK.

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Ben Godon

Head of Hospitality Asset Management

Hospitality Asset Management

London - West End

Over a career that spans more than 28 years Ben has developed his expertise within the sector working in a variety of management roles in a diverse range of hotel properties and brands both in the UK and overseas.

At the start of his career, post-graduation and after a number of years as a Graduate Trainee for Commonwealth Hotels of Canada, Ben quickly advanced into General Manager roles and subsequently became Regional Director.

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