Dr Billy Hastings owns six hotels in the North, including the most bombed hotel in Europe, Belfast's Europa. Bombed 30 times in 30 years, Dr Hastings has counted the cost of the Troubles first hand.

He believes that the Belfast Agreement will lead to an increase in the flow of visitors from the Republic to the North but also in the other direction. Hastings Hotels Group, which has a 50 per cent stake in Dublin's Merrion Hotel, should benefit from the traffic both ways. The company will be looking carefully at any opportunities that may arise on either side of the Border.

Dr Hastings says the North's hotel industry is busy gearing up for an increase in tourism and activity in hotel construction is frenetic. While the headlines may have been grabbed by big developments such as the new Hilton Hotel, local hoteliers have also been very busy, upgrading and extending their premises.

But he says there is also work to be done fully to capitalise on the opportunities provided by peace. The strength of sterling against the pound and the opening of many British multiples in the Republic in recent years have made it harder to attract southern visitors.