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Generator and Freeland Hotels has welcomed its highest ever quarterly profits, with the global boutique hospitality and lifestyle brands seeing an 11% year-on-year increase in profitability for Q2 against 2019.
It comes as June 2022 was the group’s most successful month to date, with almost 30% year-on-year growth in profit, “squashing concerns” about the resilience of the hybrid accommodation sector. Its London site was one the best performing properties in Europe, while Paris, Amsterdam and Madrid also remained strong.
According to the group, F&B sales have also contributed to the record results, with most of the bars, restaurants and cafes across its portfolio now running at full capacity. It added that investing in community-focused events and parties “continues to be the company’s pivotal approach to positioning its hotels at the forefront culturally and creatively”.
Generator and Freehand now predict the surge in its latest results to “continue progressively” in the coming months.
Alastair Thomann, CEO of Generator and Freehand Hotels said: “We are delighted to set new business records amidst the travel industry’s recovery, a recovery that is gaining momentum due to the ongoing ease of restrictions.
“We have seen a surge of demand for rooms in both our shared and private accommodation. This trend can be seen particularly amongst Gen Z and millennials who were among the first to get back on the road once borders reopened. These young, seasoned travellers currently make up the majority of our guests, favouring our community-driven and design-led offerings with a particular leaning towards the affordable, shared accommodation on offer.”
He added: “There is also a new high demand from families who now value us as an alternative to traditional hotel offerings, with a marked increase in 6-bed and 8-bed dormitory bookings. Collectively, we have achieved 10% growth in the overall shared rooms revenue across Europe and 25% up in North America, compared to 2019 Q2.”
