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£300m deals for Grant Thornton’s NW team

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03/07/2018

£300m deals for Grant Thornton’s NW team

Grant Thornton’s North West corporate finance lead advisory team, which specialises in advising growing mid-market companies and entrepreneurial management teams on mergers, acquisitions and investment deals, is celebrating a milestone year.

The team, which operates across the region with offices in Manchester and Liverpool, has advised on 10 deals worth more than £300m in the 12 months to the end of June.

Stand-out North West deals include:

advising stock market listed home improvement products company Norcros Plc on a £60m strategic acquisition of a business in the Irish Republic;
the sale of Foresight private-equity backed facilities management company Thermotech to acquisitive global facilities management group Atalian Servest;
Advising leading mid-market private equity investor LDC on its investment in Cumbria-based cottage lettings business Lakelovers
the £16.5m sale of Salford-based e-commerce cloud hosting specialist Sonassi to AIM-listed Iomart;
the sale of Rochdale company EU Fire & Security and
the acquisition of Cheshire-based Healthcare Communications by a listed group for £15m.

Partner Peter Terry, head of the North West team, said he is “delighted“ with the achievements in his first full year at the firm.

He said: “It’s been a great year for Grant Thornton. I inherited a great team here and it has been a privilege to work with them on some fantastic deals.

“We believe this level of activity is market leading in the North West, and the team has worked on a range of deals across private equity, sell side and corporate buy-side.

“The outlook for next year and beyond looks really positive .We have seen, and continue to see strong levels of confidence from investors, be they private equity firms looking to back strong management teams with a compelling growth opportunity, listed companies or overseas trade buyers looking for strategic acquisitions.”

Mark Walsh, one of the founders of EU Fire & Security, commented: “The deal team at Grant Thornton have been excellent, providing pragmatic solutions in sensitive situations. Their understanding of our objectives and culture has been evident and we really appreciate their support and advice.”

Ged Gould, Senior Director at LDC’s Manchester office stated: “We are grateful to the Grant Thornton team for supporting us throughout the transaction and helping execute a deal that provides a great outcome for all parties involved. The advice and expertise provided by the team was invaluable and we hope to work with Grant Thornton again in the future.”

Mike Cunningham, Managing Director of Healthcare Communications UK said: “The Grant Thornton team played a pivotal role throughout the transaction and their knowledge and expertise in the sector resulted in us finding the right buyer. They demonstrated resilience and tenacity during the process and provided excellent advice at all times and ultimately delivered a fantastic result.”

Dave Prendergast, CEO of Thermotech added: “We are absolutely delighted with the efforts

and professionalism of Grant Thornton in successfully navigating this transaction to completion.”

The GT corporate finance lead advisory team comprises: Peter Terry, Matthew Bryden-Smith, Gemma Hardy, Joe Pollard, Chris Ryan Daniel Brecker, Jacob Leone, Brad Seekings and Cariad Mudford.

Hearthstone Residential Fund 1 (HRF1) to acquire portfolio of houses and flats from Bovis Peer LLP

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Sam Whitear

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02/07/2018

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Hearthstone Residential Fund 1 (HRF1) to acquire portfolio of houses and flats from Bovis Peer LLP

Hearthstone Investment Management Limited, a residential property (PRS) institutional investment manager, has announced it has exchanged contracts with Bovis Peer LLP for the purchase of a portfolio of 34 houses and a low-rise block of 19 flats for £7 million. The assets will be acquired by HRF1, a ten-year closed-end private equity vehicle investing into the private rented sector in UK regions.

The houses are situated in Doncaster, Hull, Nottingham, Wakefield and Wigan, in areas where there is solid rental demand and good local infrastructure, but where there is a lack of suitable quality rented housing stock. The properties comprise a mix of two to four bed residences in five separate clusters.

The flats form a complete low-rise block and are located in Cardiff Bay, a new and developing suburb of the city with a wide variety of local amenities and excellent access to the city centre and beyond.

Andrew Smith, Partner and Chief Investment Officer, Hearthstone Investment Management, said: “While this is an investment portfolio of modern Bovis Homes-built properties, they are already tenanted and are therefore income-producing. More specifically, the houses are located in higher yielding areas which will help the fund to achieve its stated income objectives.”

Richard Otten, Partner and Director of Asset Management, Hearthstone Investment Management, commented: “This latest acquisition is particularly attractive as portfolios of good quality, modern stock are rarely available. We believe that with some targeted improvement expenditure, we will add value to the portfolio.”

Advising the vendor is Davis and Partners LLP while Charles Russell Speechlys LLP is advising HRF1.

HRF1 is advised by Hearthstone Investment Management Limited, a 50:50 joint venture between the senior management team and Hearthstone Investments Plc. Five local authority pension funds, including the Derbyshire Pension Fund, Nottinghamshire Local Government Pension Fund, Staffordshire Pension Fund, Teesside Pension Fund and West Midlands Pension Fund together with the HRF1’s senior management team, comprise the group of cornerstone investors.

Aviation Minister jets in to mark airport’s 80th birthday

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Sam Whitear

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02/07/2018

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Aviation Minister jets in to mark airport’s 80th birthday

The Aviation Minister, Baroness Sugg, has rounded off Manchester Airport’s 80th birthday celebrations by checking in on the progress of its £1bn Transformation Programme.

The Minister was given a glimpse of the airport’s future by standing inside the first pier that will connect to the new “super terminal” as a result of the project, which is the largest private sector investment in the North.

Work started on site just under 12 months ago, with the first features set to go live by the end of this year and the enlarged terminal itself being delivered by 2020.

She also met some of the industry’s future workforce, by visiting a careers “masterclass’ held by Manchester Airport for more than 100 students from 10 different schools and colleges across the region.

Staged in partnership with Vodafone, Laing O’Rourke and Carat Media, it aimed to showcase the range of tech-related careers young people can pursue in aviation and give them practical advice about how to access them.

The visit came on the back of the Government re-iterating its support for making best use of all UK airports, particularly those with spare capacity, like Manchester.

Aviation Minister, Baroness Sugg, said: “Manchester Airport is an international success story and it is fantastic to play a part in its 80th birthday celebrations.

“This Government is committed to ensuring that the North gets the connectivity it needs and that airports like Manchester play an important role in boosting the economy through jobs and businesses opportunities.

“I expect growth at the airport to continue, building on its £1bn investment and achievements including securing routes to more than 220 global destinations.

“And I welcome their commitment to inspiring young people to pursue tech-related careers, which sits at the heart of our Year of Engineering campaign.”

The Minister visited Manchester Airport at the end of a week of celebrations to mark its 80th birthday. The week started with the unveiling of a striking video and poem, produced in partnership with Mancuniuan poet Tony Walsh. It featured memories from passengers and airport colleagues and projected a vision for the future via the MANTP scheme.

The project began on site almost a year ago and will see Terminal 2 more than double in size, as well as new piers constructed and a range of other improvements made to the customer experience at Manchester.

Baroness Sugg was given an overview of the scheme and tour of the construction site by Manchester Airport CEO Andrew Cowan.

He said: “Baroness Sugg’s visit is extremely timely, as it comes in a week when we are celebrating the part Manchester Airport has played in the lives of those living and working here for eight decades, as well as its pivotal role in driving growth across the North and rebalancing the UK economy.

“Having grown our route network to offer services to the likes of Beijing, Hong Kong, Singapore, San Francisco and Boston, as well as announcing routes to Mumbai and Addis Ababa in recent weeks, it is clear Manchester has the potential to connect our country to the world’s most important markets at a time when these links are more important than ever before.

“Through our 1bn Transformation Programme, we are investing in the growth of the airport, the North and the UK as a whole and that is why it was pleasing to hear this week that Government is committed to maximising the potential of airports like Manchester.

“We look forward to working with Baroness Sugg and her team to develop plans to do just that in the months and years ahead.”

During her visit, the Minister gave the closing speech at the tech masterclass, emphasising the wide range of careers available in the aviation sector.

The session is part of a year-long programme of careers events for teenagers planning their next steps, giving them advice from the business world about the right path to take, whether that be apprenticeships, university or something else.

The masterclass series forms part of Manchester’s overall education programme, which last year delivered activity to more than 15,000 young people.

Bruntwood opens call for art competition to transform Trafford landmark

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Sam Whitear

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02/07/2018

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Bruntwood opens call for art competition to transform Trafford landmark

Leading regional developer Bruntwood has opened calls for entries for a UK-wide street art competition to transform the landmark Trafford House building in Greater Manchester with a 38 metre high mural.

The artwork will face the major arterial route of Chester Road and Manchester City Centre, brightening the commute of thousands of people who pass the building every day.

Celebrating art and creating spaces which inspire and enliven communities is an important aspect of Bruntwood’s vision, and the resulting mural will be a key addition to Manchester’s growing collection of iconic murals and street art pieces, which bring colour and spirit to everyday spaces.

Bruntwood is looking for submissions from artists from across the UK to create a beautiful piece of art on the East-facing end of the building, which is approximately 38 metres tall by 7 metres wide.

Trafford House overlooks the pedestrian route between Old Trafford tram stop and Manchester United’s Old Trafford football ground. The mural will also be visible to traffic leaving Manchester City Centre, and from over a mile away.

The area has a deep connection with the suffragette movement; Sylvia Pankhurst was born metres from the site and the developer is looking to mark the centenary of the female vote through the artwork.

Entries to the competition will be judged by an expert panel which will include Louise Sutherland, Chair of the Pankhurst Trust.

Kate Vokes, Bruntwood’s Director of Culture, said: “The spirit of revolution and resilience which informed the suffragette movement is incredibly powerful and inspiring. This mural will pay tribute to the essence of that movement and recognise the personal sacrifice and strength of character which gave life to this critical struggle for equal rights for women.

“A keen artist, Sylvia was named Best Female Artist of the Year by the Manchester School of Art where she was a student in 1901. As such, it seems appropriate to be recognising her extraordinary legacy with an artwork that we hope will bring inspiration and encouragement to the local community, people working at Trafford House, and the thousands of commuters who pass by every day.

“We are looking for bold, exciting, beautiful designs that are expressive, aesthetically interesting and that show a reflective and personal connection between the artist and the subject. Given the scale of the building, the design should be able to stand the test of time.

“This is an outstanding opportunity for a talented and creative artist to create a dynamic piece of art that will enliven and transform the landscape and contribute something new to the community and Greater Manchester’s thriving cultural offering.”

Louise Sutherland, Chair of the Pankhurst Trust, said: “Sylvia Pankhurst’s story and legacy is an incredibly powerful one, that there is much to learn from. She was driven by a determination to improve the lives of all women, and her self-sacrifice to bring about that change was immense. Even her work as an artist was connected to this quest, so it’s wonderful that this project will not only celebrate Sylvia in her home town, but will do so through art.”

Christie & Co expands its Dental team in the North

Appointments

Sam Whitear

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02/07/2018

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Christie & Co expands its Dental team in the North

Specialist business property adviser, Christie & Co has appointed Olivia Allison as Business Agent to its Dental team in Manchester as the dental sector continues to experience positive growth across the UK.

Olivia joins Christie & Co from Bridgfords, a subsidiary of Countrywide Plc, where she worked as a Senior Sales Negotiator and Valuer in residential markets across Newcastle and South Manchester. Olivia’s skills and previous experience in the residential sector will benefit her new role, where she will be responsible for the sale and acquisition of practices across the North of England and Wales.

Olivia commented: “I have always strived to achieve the best possible outcome for my clients. I am now aspiring to further develop my negotiating and property valuation skills in the commercial property sector and am excited to work for such a diverse company.”

Simon Hughes, Managing Director, Medical, added: “Over the last two years, we have seen a huge increase in activity in the dental sector across the North of England and Wales. This is only set to continue and we have identified Manchester as a key area for expansion. Olivia will be a very valuable asset to the team and we are delighted to welcome her on board.”

Manchester’s five-star hotel strengthens sales team with four major appointments

Appointments

Sam Whitear

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29/06/2018

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Manchester’s five-star hotel strengthens sales team with four major appointments

After the sale of Manchester’s five-star Lowry Hotel last year to Singapore-based CDL Hospitality Trusts, the hotel is continuing to thrive with four new additions to their sales team.

Newly appointed to the team are Matthew Miller as Group Sales Manager, Thomas Ansbro as Sales Manager, Adele Goddard as Corporate Sales Manager and Abigail Moffat as Sales Research Coordinator – all bringing with them a wealth of experience in the hospitality and sales sector.

Matthew Miller who is joining the hotel from Hotel Gotham will use his 23-years’ experience working in the sales sector to source and secure sales opportunities and ensure sustained success plus demand for The Lowry Hotel’s high-quality services.

With six years’ experience, Adele Goddard joins the team as Corporate Sales Manager, where she will be tasked with developing and managing key corporate accounts.

Prior to joining The Lowry Hotel, Adele spent a year working at the Oulton Hall Resort Hotel, which included devising and implementing the hotel’s sales plan.

Joining the team as sales manager will be Thomas Ansbro, who was previously responsible for overseeing all proactive and reactive activity of the 148-bedroom Marriott Victoria and Albert Hotel.

Abigail Moffat has recently been appointed as Sales Research Coordinator, after starting at The Lowry Hotel in January 2017 as the Food and Beverage Coordinator. Abigail’s consumer facing background is key for the task of building business relationships and generating sales leads.

The team will be joining Director of Sales, Scott Brown, who previously worked as the National Account Manager at The Marriot Group and joined the hotel in June of last year. The quintet of experienced executes will work together to maximize revenue opportunities across all functions.

Scott said: “We are thrilled to be welcoming four new members to the sales team as they all bring with them a wealth of experience, fresh ideas and passion to add to the continued success of the hotel.

“The new appointments aim to achieve revenue goals, drive profit and build brand awareness for the Lowry Hotel.”

Mohsin and Zuber Issa of EG Group named EY Entrepreneur Of The Year 2018 North overall winners

Awards

Sam Whitear

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29/06/2018

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Mohsin and Zuber Issa of EG Group named EY Entrepreneur Of The Year 2018 North overall winners

Brothers Mohsin and Zuber Issa, co-CEOs of Blackburn-based forecourt operator EG Group, based in Blackburn, were named EY Entrepreneur Of The Year 2018 North overall winners at an awards dinner in Manchester last night.

Mohsin and Zuber, who also took home the Sustained Excellence award and the Building a better working world award, were described by the judges as “outstanding”, with a sustainable business model that had seen strong international expansion and had a clear strategic direction.

Founded in 2001, EG Group operates across eight markets (UK, France, The Netherlands, Belgium, Luxembourg, Italy, Germany and the US) and employs more than 20,000 people. The business has strategic partnerships with many leading retail brands.

Victoria Price, partner and EY Entrepreneur Of The Year leader in the North, said: “Mohsin and Zuber’s entrepreneurial spirit, along with their forward thinking approach and clear strategy has resulted in sustained strong financial performance. The business also has plans for further international expansion.

“When speaking to Mohsin and Zuber, their personal integrity and purpose driven approach to leadership is also very clear and the fact that they want to use their success as a force for good is to be applauded.”

Held at the Lowry Hotel in Manchester and hosted by presenter and broadcaster Jeremy Vine, the awards dinner honoured six business leaders across five categories (profiles below).

Each winner was judged and selected from 21 finalists leading 19 companies from across the North West, Yorkshire and the North East. All of the North of England winners will go on to represent the region at the UK finals in November 2018, where the EY Entrepreneur Of The Year UK will be crowned. The UK country winner will then attend the ‘EY World Entrepreneur Of The Year’ in Summer 2019, which gathers the world’s most inspiring entrepreneurs from more than 60 countries.

North West winners

Disruptor: David Bellis MBE, Innovative Technology (Oldham)

David is the chairman of Innovative Technology, a provider of cash handling solutions that has offices in Europe, Asia, Australia, North & South America and trading partners in more than 20 countries. In 2014, Innovative Technology was named the 13th fastest growing private company in Britain (Sunday Times Profit Track 100) and received the Queen’s Award for Enterprise: International Trade.

Rising Star: Steven Bartlett and Dominic McGregor, Social Chain (Manchester)

Social Chain was co-founded by Steve Bartlett (25) and Dominic McGregor (24) in 2014, while the two were still students. Manchester-based The Social Chain Group has grown from humble origins to become an award winning social first marketing agency and social media publishing house, with offices also in London, Berlin and New York.

Other North of England winners

Scale-up: Jonathan Seaton, Twinkl Education Publishing (Sheffield)

Jonathan is chief executive of Twinkl, a specialist digital educational publisher, providing primary and secondary educators with one of the largest collections of high-quality digital teaching materials in the world.

Transformational Leader: Jacqui Hall, Contract Natural Gas (Harrogate)

Jacqui is managing director of CNG, an independent provider of natural gas for business and is one of the fastest growing, privately-owned companies in the UK. In the last few years, the company has grown considerably with turnover more than tripling, as demand for CNG’s products has steadily increased.

Special Award – EY Family Business Award of Excellence

EY presented a special award – the EY Family Business Award of Excellence – to Manchester-based Timpson. Timpson has been on the UK high street for more than 150 years and continues to grow. The family owned and run business has evolved from shoe repairs to also offer key cutting, watch repairs, dry cleaning, engraving and assisted photo ID.

Specscart sets sights on growth with venture further win

Awards

Sam Whitear

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29/06/2018

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Specscart sets sights on growth with venture further win

One of Manchester’s young entrepreneurs has set his sights on future growth with the help of a coveted business award win.

Specscart, based in Walkden Town Centre, was set up by Siddharh Sethi in October last year and is one of the fastest growing start-ups in the UK. Revolutionising the eyewear industry by changing the way people perceive glasses, Specscart aims to show that glasses are not just sight correction instruments – but affordable, fashion accessories.

After setting up a Manchester manufacturing and supply chain and investing in a game-changing website that allows users to choose and customise high quality eyewear, Specscart has won the Venture First Award for Business and a £10,000 cash prize. Organised by the Manchester Enterprise Centre, the Venture First Awards invite students and alumni from The University of Manchester to submit business proposals to an expert judging panel of enterprise and business professionals each year. Each of the four category winners receive a £10,000 cash injection to help realise their business goals.

Specscart’s founder Siddharth Sethi collected his award last month and plans to invest the £10,000 cash prize back into the business, which is currently trialling a 24 hour delivery service for prescription glasses. In the last five months alone, Specscart has sold 800 pairs of glasses and is on track to achieve a £200,000 turnover in its first year.

Siddharth is no stranger to winning awards, having been one of two winners of the Albert Gubay Enterprise Award last year. Sid’s commercial acumen and creative ambition were praised and rewarded with free retail space for a year on Walkden Town Centre’s new-look Edgerton Walk – part of the old town centre building that has been refurbished to appeal to independent retailers. Specscart also received a complimentary shop refit and marketing and business support.

Founder of Specscart and former University of Manchester student, Siddharth Sethi said: “I’ve always felt that a pair of great frames shouldn’t leave your wallet bare and so wanted to change the way that glasses are both sold and perceived. From the point of concept to opening the doors of our shop for the first time, we have been overwhelmed by the amount of support we’ve had from the Manchester business community and our fellow retailers and shoppers here in Walkden.

“We’ve spent the last nine months focused on getting our product right and setting up a strong local supply chain so that we keep Specscart’s success here in Manchester. Now with the help of the cash prize from Venture First we can look to keep growing the business and launch our new 24 hour delivery service.

Julian Dowe, Centre Manager for Walkden Town Centre said: “We are very proud of all that Siddhart has achieved, particularly in such a small amount of time, and are delighted that Walkden Town Centre is an integral part of his success story.

“Siddharth first came to our attention last year when he entered the Albert Gubay Enterprise Award and we were quick to recognise his ambition, creativity and commitment. We felt he was the perfect recipient of the first prize in honour of our late founder and we’re thrilled it has Siddharth a platform on which to keep growing his business.”

The Derwent Group is part of the Albert Gubay Charitable Foundation and operates in the retail, leisure, industrial and commercial sectors. The group’s retail portfolio extends to 1.74m sq ft across nine retail parks in the north of England.

V&A Hotel launch new ‘welcome experience’

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Sam Whitear

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29/06/2018

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V&A Hotel launch new ‘welcome experience’

The Manchester Marriott Victoria & Albert Hotel has recently completed work on its entrance and business conference area, creating a new welcome experience for the hotel’s clientele.

The hotel, situated in Spinningfields, has spent the last few months completing a £500,000 renovation of its reception and lobby, alongside its conference foyer and bar area, to create a new area for guests as they arrive at the hotel.

The result is a new open space incorporating all four areas that is now a more relaxing check-in environment that also offers guests a comfortable, stylish workspace with laptop and phone charging points.

When guests now enter the hotel, they will still be greeted by the exposed, original brickwork, cast iron columns, and vintage wooden beams, but will now be able to easily navigate their way from the main entrance to the newly installed ‘Power-Up Pod’ – home to 12 laptop or phone charging points and complimentary WiFi.

The work was completed by MC Construction following a tendering process. Part of the reason MC Construction were chosen is because the company makes a point of employing people from the local area – a practice the V&A Hotel also subscribes to.

Peter Hill, general manager of the Manchester Marriott Victoria & Albert Hotel, said: “Manchester is an ever-changing city – the opening of the nearby St John’s Quarter is close with three new residential blocks at the Slateyard also opening right across the river next year.

“This means the requirements of the guests we welcome through our door are changing. At the V&A, we always want to be a hotel that is ready for the next few years, and so, with this refurbishment, we as a hotel are also changing so that we continue to meet their requirements.

“We are particularly proud of this refurbishment too, as we have kept the 19th Century feel of the original building but have added all the 21st Century amenities our guests expect. Our guests are at the centre of everything we do, and we’re sure they will find everything they need as part of our new welcome experience.”

With 148 bedrooms, on-site restaurant and lounge bar, Manchester Marriott Victoria & Albert Hotel is located in Spinningfields, near Granada Studios.

Manchester beats London in a race for the city with the highest rated hotels

Blog

Sam Whitear

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29/06/2018

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Manchester beats London in a race for the city with the highest rated hotels

lastminute.com, an online travel and leisure retailer, published a unique set of data that reveals the cities with the highest rated hotels in the world according to customer reviews. Following the analysis of search data and lastminute.com’s own review database, the most searched for destinations in the world are in fact, not the best rated when it comes to hotels. In the United Kingdom, Manchester hotels ranked the highest in the country, leaving London and Edinburgh behind.

Although London and Edinburgh top the charts for the most popular cities in the United Kingdom according to the number of searches, Manchester, alongside Barcelona, is one of two European cities that held a spot in the rankings for most searched for and highest rated hotels.

The research ranks cities around the world based on average hotel reviews. Taking into account a number of different factors that contribute to an exceptional hotel experience, lastminute.com provided a list of ten cities per continent with the highest customer ratings. These factors include location, comfort, room, service, breakfast, cleanliness, WiFi, value for money, bar and beverages, and amenities.

Across all continents, the cities that travellers have rated highest are different to the cities that they are searching for when they book. Cape Town is the only city to take the top spot for both popularity and hotel experience while South America has the highest number of cities that appear in both categories including Bogota, Rio de Janeiro and Buenos Aires. Some other cities that performed well in both categories include Abu Dhabi, Boston, Chicago and Kyoto.

This data brought to light an interesting insight that the best rated hotel experiences aren’t necessarily found in the most visited cities, as travellers tend to expect. This trend is a sign that popular destinations need to up their game if they want to keep up visitors’ expectations.

The research also provided insights on the best time of the year to go and visit the cities with highest hotel rankings as well as top attractions for each of them. The full list is available at lastminute.com website.

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