Figures released by Ortus Secured Finance have revealed that hotel turnover grew to £18.3bn for the year ending 31^st March 2016, up 9% from £16.3bn the previous year.

The firm now claims that hotels could benefit even further following a drop in the value of sterling, which may entice more overseas visitors.

Jon Salisbury, managing director at Ortus Secured Finance, said: “Despite the growth of new alternatives to the market, such as Airbnb, the UK’s hotel sector has proved itself versatile, and is still thriving.

“Non-EU visitors are becoming an increasingly important market for UK hotels, particularly in light of Brexit.”

Ortus found that the turnover of UK hotels had risen 26% from the £14.4bn recorded in 2010/11.

Jon explained that many UK hotels had been increasingly targeting visitors from non-EU countries such as the US and Asia, who typically stay longer and spend more.

In 2015, visitors from the US and Canada rose by 9%, spending on average £885 over 8.5 nights.

By contrast, EU nationals stayed just 5.9 nights on average, spending £416.

Meanwhile, inbound flight reservations rose by 4.9% in the first 28 days following the referendum, compared with the same period last year.

Despite this, Jon warned that UK hotels needed to be prepared in order to take advantage of this growing market.

“…In order to capitalise on the growing numbers of visitors outside the EU, hotels may need to rethink how they market to these visitors.”

Jon explained that visitors from Asia and the US may be more likely to stay in hotels with spas, entertainment facilities or boutiques.

“However, before targeting these guests, hotels will often need to secure funding in order to carry out [the] necessary refurbishments and improvements,” Jon added.

“Due to their often seasonal nature, smaller independent hotels can struggle to put the cash aside for renovations and so finding funding from alternative sources [may] be necessary.”