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Breezeroad Limited, which owns the Savoy Hotel in London, has reported losses of £10.4m for the year ended 31 December 2018.
Despite the loss, the company said it will have sufficient funds through its operating cash flows, which it said indicates the company can “continue to meet all its liabilities as they fall due”.
The hotel said its overall performance during 2018 was “robust”, following a weak first half from the “fallout” of four attacks during 2017. Revenue per available room (RevPAR) was £326, and occupancy for the year increased to 68%.
Additionally, total room turnover increased by £2.8m, and its food and beverage revenue grew by £1.4m.
However, director Benjamin Cadwell said the group’s forecasts are dependant on its immediate parent company, Dunwilco, not seeking repayments on loan amounts currently due by the company, which totalled £347m at the end 2018.
He added: “As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.”
