Investment drives growth for Apex Hotels
Apex Hotels reported that profit soared in its last financial year following increased investment at its hotels in London and Edinburgh.
Profit after tax for the year to 30 April was £9.4m up 51.6 per cent from £6.2m in 2018, on increased turnover of £75.5m, up from £68.9m.
The number of rooms sold rose 5.5 per cent to more than 465,500 and revenue per available room increased year on year by 2.4 per cent.
The hotel chain – which has three London venues in Fleet Street, London Wall and near Tower Bridge – said investment helped boost its financial figures during the year.
Apex invested £9m in its Temple Court and Canada hotels, as well as Edinburgh’s Waterloo place, bringing the total investment on the three projects to £17.6m.
As part of the Temple Court refurbishment Apex created a 20-room extension with five luxury suites, meeting rooms and a new wine bar.
The company’s City of Bath hotel also reached its first full year of trading during the period, performing well for conferences and events.
The Edinburgh-based firm will reveal further refurbishment work at the City Quay Hotel and Spa in Dundee later this year.
Apex Hotels chief executive Angela Vickers said: “Over the past year, we have delivered on our capital investment programme to upgrade the portfolio.
“We are delighted to see this has resulted in a strong performance across the financial year and demonstrates our continued commitment to providing modern facilities and the best possible experience for our guests.”