Don James, ASAP Chairman, Stephen Hanton, SACO, David Smith, City Apartments, George Westwell, Cheval Residences and Stuart Winstone, SilverDoor give us their reaction to the Brexit outcome.

A direction has now been set to exit as full members from the EU, however there are clearly more democratic chicanes to pass through such as the UK and individual country parliaments which both cloud the final answer and method.  Uncertainty of outcome will therefore be our greatest short term challenge.

Our government should act fast but in a responsible way in planning and progressing the way forward.

This will help bring stability to businesses at a time of profound perhaps once in life time change.

Don James, Chairman ASAP & Director Berkshire Rooms

In general political, economic and constitutional uncertainty isn’t the bedrock of stable growth and inward investment. However, we are an, if not the, emerging sector and “interesting times” throw up interesting opportunities. We just have to ensure that individually, and collectively, we are able to exploit these. Serviced Apartments were big winners in the last recession and if we position and represent the sector attractively then there is no reason that we cannot emerge from this period even stronger’.

Stephen Hanton, CEO Commercial, SACO The Serviced Apartment Company

A decision has been made by the majority of the British people which I would suppose most of us in the hospitality industry are at odds with. The serviced apartment industry around the world is a young dynamic industry which is still in its first phase of growth and I am confident that it will adapt and find new opportunities amongst the challenges that have been thrown up by this disruptive decision. There is no reason to believe that project based business traveller numbers will decrease, it would be easy to see how this figure could increase during the inevitable period of flux that we can expect and there is no reason not to expect tourist travellers won’t be lured to the UK to take advantage of the weakened pound. When one door shuts….’

David Smith, Director, City Apartments

The British public have voted, albeit by a small margin, to leave the European Union. This signal of intent has triggered volatility in the financial markets, a consequence of which has seen the pound devalued against other major currencies. In the short term, this will lead to increased tourism to Britain and exports. If this position remains stable and in time, confidence is re-instilled in the market, we will see increased inward investment and this, together with increased tourism and exports, will be positive for the serviced apartment sector.’ 

George Westwell, Director, Cheval Residences

It’s hard to say right now what effect Brexit will have on the serviced apartment market but much will depend on the reaction of companies that have a foothold in the UK. If there’s a sudden rush to relocate headquarters to other financial centres around Europe then there’ll certainly be an increase in demand for serviced apartments in those cities.

Stuart Winstone, Commercial Director, SilverDoor

Don JamesStephen hanton imageDESPicGeorge Westwell picturestuart_winstone