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Family-owned four-star hotel group Apex Hotels Limited has reported an operating profit of £14.5m up from £2.9m the previous year for the 12 months ending 30 April 2023.
The group has also recorded a 58% increase in turnover from £47.3m FY 2022 to £74.8m FY 2023.
According to Apex Hotels, it saw a period of exceptional growth, as demand from both business and leisure guests continued to build.
Following the sale of Apex London Wall Hotel and a five-year refinancing deal with Barclays worth over £60m, the group is on the acquisition trail, purchasing its first rural property – Pitlochry’s Pine Trees Hotel – back in July.
The acquisition is part of an ambitious expansion plan targeting “popular” UK destinations.
Angela Vickers, Apex Hotels chief executive, said: “This year we have built upon strong foundations in 2022, with a renewed confidence in the market as demand from our UK and international guests returns.
“Our ambitious acquisition strategy will help diversify and expand our portfolio, delivering more choice through a wider range of destinations for our guests.This year we have successfully matched revenue and occupancy growth with a healthy profit margin, allowing us to sustainably re-invest in the business and our people. This includes doubling down on our effort to build a sustainable, community focused organisation through our ESG strategy.”
He added: “We look forward to a strong year ahead as we continue to expand the business and grow our market position as one of the UK’s leading independent 4-star hotel groups.”
