Apex Hotels has reported a 9.5% increase in turnover, from £68.9m to £75.4m, and a 51% increase in pre-tax profit to £11.7m. The key driver being revenue per available room, which also increased year on year by 2.4%.
Apex’s Temple Court, London, City of London and Waterloo Place, Edinburgh hotels saw a total investment of £9m in the year to 2019 – bringing the cumulative investment on all three projects to £17.6m.
A significant milestone was also marked as Apex City of Bath reached its first full year of trading.
Angela Vickers, Chief Executive Officer, Apex Hotels Limited 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.
“We invested £3.7m in the Serjeants’ Inn property adjoining Apex Temple Court Hotel allowing us to create a 20-room extension, including five luxury suites, meeting rooms and new wine bar Lazy Ballerinas – the total investment on this project alone totalled £12.5m.
“Finishing touches to bedroom refurbishments also took place at Apex City of London and Apex Waterloo Place in Edinburgh. Meanwhile, we are pleased to report Apex City of Bath Hotel – the most recent addition to our portfolio – performed particularly well for conference and events during its first year of trading.”
The results of more recent investment will be seen later this year as Apex prepares to unveil the results of a significant refurbishment programme at its City Quay Hotel and Spa in Dundee.
Apex intends to continue evaluating further expansion plans as opportunities arise.