Investment reaps rewards
Strategy pays off as Apex Hotels posts strong growth
Commitment: Angela Vickers
A programme of investment by Edinburgh-based Apex Hotels Limited has helped produce another year of strong growth with pre-tax profit up more than 50% at £11.7 million.
The 51% increase comes as the UK-wide hotel group also reported turnover up by 9.5% at £75.4m from £68.9m.
At more than 465,500, the number of rooms sold rose 5.5% compared with the previous financial year while revenue per available room (RevPAR) also increased year on year by 2.4%.
The company said the positive figures were a result of the group’s multi-million-pound investment programme.
Hotels in Waterloo Place in the Capital along with Temple Court (London) and City of London saw a total investment of £9m in the year to 2019 – bringing the cumulative investment on all three projects to £17.6m.
Angela Vickers, chief executive officer, Apex Hotels Limited, said: “Over the past year, we have delivered on our capital investment programme to upgrade the portfolio.
“We are delighted to see this has resulted in a strong performance across the financial year and demonstrates our continued commitment to providing modern facilities and the best possible experience for our guests.”
The results of more recent investment will be seen later this year as Apex prepares to unveil the results of a refurbishment programme at its City Quay Hotel and Spa in Dundee.