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Apex Hotels, the luxury hotels group, has reported strong growth for the 12 months ending April 30 2014, with turnover growing to £56m, an increase of 11% over the previous year.
In the London Market, the group benefitted from an upturn in market conditions following the 2012 Olympic Games and experienced strong growth in occupancy and rate, with an increase in revenue per available room (RevPAR) of over 9%.
The group also commented that the results from its Scottish hotels reflected increased corporate and leisure demand for hotel rooms, achieving a RevPAR growth of 15%.
Profit for the year of £9.6m represents a significant increase for the group of 37% over last year, reflecting what the group cites as strong revenue growth and effective cost control across the portfolio.
Norman Springford, chairman of Apex Hotels said: “The Group has once again demonstrated solid growth in turnover and in profitability. We are continuing to experience growth in occupancy and increased demand for the Apex brand.
“The latest financing arrangements have strengthened our position, and we remain focused upon a programme of ongoing investment in the current portfolio, together with the pursuit of additional growth opportunities.”
New acquisitions for the group include a site in Bath with planning permission for a new 177-room hotel and a purchase agreement for an existing Glasgow hotel, which Apex will take control of in 2015.
Springford said: “We are currently restricted legally with what we can say about the location of the new Glasgow property. However we are incredibly excited to be strengthening our Scottish hotel portfolio and expanding to the west coast for the first time.”
