The number of UK hotel insolvencies were up 60% over the year to September 2019, a five-year high, following a slowdown in business travel and increased competition from Airbnb.

The number of overseas tourists visiting Britain dropped by 3%, meanwhile hotels are competing with often cheaper and more flexible homestay platforms for the rising number of UK staycationers.

Hoteliers have been forced to lower prices to win over customers as well as facing rising costs and increased supply of rooms. On top of this, the minimum wage rose around 5% to £8.21 in April 2019, and will go up again this spring.

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