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Boutique hotel group Firmdale has seen its revenues increase 3.4% to £120.4m for the year ended 31 January 2024.
According to accounts filed on Companies House, the increase in revenues was driven by a continued rise in international visitor numbers and spend.
The combined average room rate across the eight London managed properties was £562, a 1% decline YoY. However, combined average occupancy across the London portfolio was 75%, a 3.1% point increase.
The resultant RevPAR growth across the London managed properties was 3.2%.
The group also operates a number of restaurants within its hotels, and saw food and beverage revenue increase 3.9%.
However as a result of significant cost inflation across the industry, the group’s gross operating profit was 39.4% compared to 42.8% the prior year. PBT reached £4.3m.
The hotel group also confirmed that it is currently looking for further development opportunities in London. A long leasehold interest in three adjacent buildings in Bloomsbury was acquired in April 2022 and the plans to convert these into a “first class” hotel are “well advanced”.
In London Firmdale manages the Covent Garden Hotel, the Charlotte Street Hotel, the Soho Hotel, the Haymarket Hotel, the Ham Yard Hotel, Number 16 in Kensington, the Dorset Square hotel and the Knightsbridge Hotel.
