Apex Hotels posts 6% turnover growth in 2018

Apex Hotels has reported a 6% increase in turnover from £65m to £68.9m for the year ending 30 April 2018.

The hotel group reported growth in the number of rooms sold, with a rise of 5.9% on the previous financial year, and pre-tax profit was £7.8m following a financial year that saw “significant reinvestment” across its portfolio.

Additionally, capital investment was “top of the agenda” for the four-star hotel group, with £18.8m invested in an extensive expansion and refurbishment programme across its 10-strong portfolio.

The company also restructured long leasehold arrangements in place for Apex Temple Court. In return for an annual rent increase the group received a premium of £22m which was utilised to reduce bank debt.

CEO Angela Vickers said: “We are pleased to report a year-on-year rise in turnover during what has been an exciting period for the brand. A prime example of this is London, where Apex Temple Court Hotel has benefitted from a multi-million pound extension, creating 20 new rooms including a number of luxurious suites.

“The development, which opens in the coming week, will also offer a decadent wine bar and private dining.”

She added: “We have ploughed significant investment into a range of new additions and improvements across the portfolio. Our customers are appreciative of this continued reinvestment, with guest satisfaction GRI scores increasing across the group to 90%.

“Overall we are reflecting on an extremely positive financial year, and we look forward to everything 2019 will bring including unveiling our new rooms and suites at Apex Temple Court and further refurbishment programmes in London and Edinburgh.”