Today’s news in brief – 18/10/23
Whitbread, the parent company of Premier Inn, reported a 44% increase in profits to £391m in the first half of the year. This was largely due to strong trading in its hotels and food and beverage (F&B) business. Premier Inn UK saw a 15% increase in accommodation sales compared to the previous year, with notable growth in both London and the regions. Consumer demand from leisure and business travellers, along with high hotel occupancy, contributed to the success. The F&B business also thrived, with a 10% sales increase, driven by growth in covers and spend per head. Statutory revenues rose by 17% to £1.57bn. As a result, the interim dividend per share increased by 40% to 34.1p. Whitbread plans to expand its hotel pipeline to potentially 125,000 rooms in the UK and Ireland.
The Dean Hotel Group secured a €43m (£37m) loan from Leumi UK, enabling it to acquire the historic Clarence Hotel in Dublin, previously owned by U2 members Bono and The Edge. The hotel will undergo refurbishment, combining it with an adjacent building and adding 43 rooms. This will bring the total room count to 102 and introduce eight specialist F&B spaces. The Clarence Hotel, known as Dublin’s ‘rock and roll hotel’, has historically enjoyed high occupancy rates, thanks to its location near music venues and tourist attractions.
Middleton Castle, a 600-year-old fortress, has recently opened its doors under Altido’s management. Located in West Norfolk, this Grade I listed castle can accommodate 30 guests in its 15 bedrooms and two separate cottages. Guests can enjoy luxurious amenities, including freestanding baths, a billiards room, a summer house, a croquet lawn, and a private driveway. Altido aims to blend modern hospitality with the castle’s historic charm.
Safestay, an international hostel brand, acquired a Grade A listed property in Edinburgh for £4.3m. The six-floor building, previously a hostel on the first three floors, is situated on Cowgate Street and is known for its vibrant bar and cafe scene. The upper three floors are currently leased to tenants generating £133,000 annually. After refurbishment, the hostel will offer 225 beds in various room combinations, enhancing Safestay’s portfolio, which now includes 17 hostels with a total of 3,476 beds. The chairman, Larry Lipman, expressed his enthusiasm for returning to Edinburgh, highlighting its significance as a destination for young travellers.
