Hotel group expanding
Apex eyes acquisitions after strong trading year
The company has reported an 11.8% rise in underlying profits before tax, up from £9.2 million to £10.3m ahead ahead of expansion in Bath, Dundee and London.
A 30-bedroom extension to the Apex City of London and the September 2015 opening in Glasgow saw room stock rise by 134 rooms. It reported a £10m increase in valuations to £336m.
CEO Angela Vickers (pictured) said the results “pave the way for another year of exciting developments, from expansion and further investment to potential future acquisitions.”
The company invested £16.1m during the year and is opening a 177-room hotel in Bath in the summer.
Ms Vickers said: “We are proud of our continued growth in recent years, defying challenging market conditions, and 2017 promises to be a very exciting time for us.”
“The opening of Apex City of Bath – set to be the historic city’s largest hotel in terms of conference and events spaces and number of bedrooms – will be a key milestone for us this year as our first opening in England outside of London.
“We are also set to develop Customs House on Dundee’s waterfront next to our existing Apex City Quay.
“It is important for us to continue investing in our existing portfolio and we are planning further bedroom expansion at Apex Temple Court in London as well as refurbishment totalling £6million across our City of London, Grassmarket [Edinburgh] and Dundee hotels.
“In 2017 we will continue to look at other opportunities to extend and complement our existing portfolio.”