Hotels

Gleneagles Hotel posts revenue of £51m thanks to refurbishment

The five-red-star-AA Gleneagles Hotel has reported a 7.5% increase in revenue to £51.2m as its ongoing refurbishment helped to “further enhance Gleneagles’ position as a ‘Glorious Playground’”.

In its latest accounts filed with Companies House for the full-year period ending 31 December 2017, the 232-room hotel also reported pre-tax profits of £505,000.

The accounts also showed that a dividend of £63m was paid as part of a refinancing of the business to fund further investment in the property.

The hotel has been undergoing a multi-million pound refurbishment since the property was acquired by current owner Ennismore from drinks company Diageo in July 2015.

David Kemp, finance director, said: “Financial performance in the year was strong, with turnover increasing by 7.5% over the same period last year. This continued the strong growth in turnover experienced in the previous accounting periods, following the continuing re-styling and refurbishment of a substantial portion of Gleneagles.

“Operating profits were ahead of the same period last year, as we continued to invest in improving the guest experience and in re-developing of IT systems across the business.”

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