Seaside resorts reaping inward investment rewards - commercial mortgages

11 July 2007

Seaside resorts around Britain are undergoing extensive development plans as investors look to capitalise on growing tourism numbers, it has been suggested.

The British Resorts and Developments Association (BRDA) has said that investors are looking at areas such as Blackpool and Scarborough as areas which would benefit from redevelopment.

Britons took a total of almost 80 million domestic holidays in 2007, the United Kingdom Tourist Survey (UKTS) reported earlier this year, emphasising the potential market for investors with commercial mortgages in the area.

"Money is being invested in the product. Because people expect better and better products, whether that''s public infrastructure… or the hotels themselves," advised BRDA director Peter Hampson.

"We have a whole network of towns which were developed for the purpose of tourism… that''s where the investment''s going, redeveloping existing facilities.

"There''s vast amounts of money going into it. The reason for that is because resorts are becoming more popular and therefore there is the economic reason to do it," Mr Hampson added.