That spend was more than treble what was recorded in the third quarter a year earlier and is also 20.6% higher than the same period pre-pandemic, in 2019.
Property agent Savills said year to date investment stands at £2.7 billion, which is down on 2019, but it forecasts the full-year figure will reach around £4 billion. The 15-year average is £4.2 billion.
It added that London has been a popular destination for investors. Tim Stoyle, head of UK hotels at Savills, said: “Following what was a slow start to the year, we have experienced strong positive momentum for hotel investments.”
He added: “Investors continue to remain positive as the staycation market boosts regional performance and the return of international travellers provides a welcome boost to our city centre hotels.”
Recently inked deals include property firm Henderson Park exchanging contracts on the acquisition of a portfolio of 12 predominantly freehold Hilton-branded hotels in the UK and Ireland.
Henderson Park’s Nick Weber this week said the transaction is “timed to capitalise on the potential for a near-term return to travel as well as a wider post-pandemic recovery over the years to come”. The sale is set to close later this year.