Pound shift boosts Hyatt

THE Europe chief of luxury hotel brand Hyatt has said the group had enjoyed a healthy first quarter in the UK this year, as the weaker pound attracted more visitors from across the Atlantic.

Hyatt saw net income jump 64.5 per cent to $204million (£158million) for 2016 and opened 59 hotels, including the Hyatt Place hotel at London Heathrow.

Peter Fulton, who is president of Europe, Middle East, Africa and south-west Asia, said: “The first quarter has been very good for us.

“With the US dollar being as strong as it is and obviously with the pound and the euro being a bit weaker, we are seeing stronger growth into this part from the US.”

The Chicago-based firm, which owns five UK hotels, is forecasting net income to come in between $94million (£73million) and $129million (£100million) for 2017 and expects to open another 60 hotels.

Mr Fulton said Hyatt was “bullish” about the UK market and believed Brexit would not diminish London’s standing in the world. He added: “Since the announcement of Brexit, what has happened?

“There have been great employment figures and the economy is the strongest in the EU.

“Certain parts of finance, or maybe insurance, may move around and other countries may well try and take advantage of the political environment, but London and the UK will remain important in the global community.”

However, he urged the Government to ensure the sector can still draw on a depth of talent, warning that the number of British people working in London’s restaurants and hotels was “relatively small” at the moment.

“This is one industry around the world that drives a lot business,” he said.

“Whether you are staying in hotels, or going to see Buckingham Palace, that whole combined industry is important.”