Blackpool Hotels Looking for Buyers

by Ella FAIRCHILD on November 17, 2009

The global recession has had devastating effects on many businesses and industries around the United Kingdom.  One of the industries hit hardest by the downturn has been the travel and tourism industry, which has seen its revenues plummet over the last year.  Hotels have low occupancy rates, airlines are cancelling empty flights, and car hire agencies are scaling back their fleets.  Blackpool has felt the sting as well, as over three hundred guesthouses and self catering apartments have been put on the market over the last year.  The cost for Blackpool’s holiday accommodation has risen to over seventy million pounds.

Just two years ago the total price tag for guest houses and hotels for sale in Blackpool stood at fifty five million pounds, which shows that more people are looking for a way to generate some quick money.  Even though more people are selling, landlords are having a hard time finding buyers, even after a moderately successful tourist season in Blackpool.  Some experts in the industry are blaming the slow sales on banks, which have been unwilling to loan money since the global credit crunch began.  Local newspapers are full of listings for guest houses and hotels, some of which have been on the market for a number of years.

Industry experts say that the situation is unlikely to change until banks loosen their standards and start loaning people money once again.  Even people with large deposits are being turned away, as banks remain cautious during the recession.  Some say that the problem is that there is simply too much holiday accommodation in Blackpool, far more than the demand.

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