The European hospitality sector has experienced a dramatic growth in confidence in 2011, according to new research
According to a DLA Piper Hospitality survey, 67% of hospitality executives surveyed described their 12-month outlook for the European hospitality industry as bullish, a significant increase from 27% last year.
Just under a quarter of those with a bullish attitude attributed this to the improved operating performance of hotels, with 18% noting the opportunities associated with the current economic climate.
The results also suggest that joint ventures and the investment opportunities offered by the economy and mid-market sectors will be key opportunities in the coming year.
Looking ahead, 31% of respondents believe that 2012 will prove to be a vital turning point, as the sector benefits from an increasingly globalised market and a recovery led largely by an increase in business travel.
Of those surveyed 61% expect investors from outside Europe to be most active in the coming year. China and the Middle East and Gulf regions are also seen to be key players in this respect.
The survey also found that the US is leading the way in terms of social media, with 70% of US respondents, as opposed to 45% of those from the UK, embracing this as a promotional tool.
Karen Friebe, partner and head of hospitality and leisure for EMEA, at DLA Piper, said: "These findings are broadly in line with trends that we have seen emerging in the hospitality sector over the past year. The market has changed and organisations have had to deal with that - whether by reassessing their approach to investments and joint ventures, or by taking a look at their operations and making the necessary changes to streamline the business."
