Edinburgh-based Apex Hotels has increased turnover and profits for the last financial year as it made a multi-million pound investment in its estate.
The firm ploughed a total of £9 million into the Temple Court (London), City of London and Waterloo Place (Edinburgh) hotels during the 12 months – bringing the cumulative investment on all three projects to £17.6 million. Apex City of Bath reached its first full year of trading.
In its results for the 12 months to 30 April 2019, Apex reported a 9.5% increase in turnover to £75.4 million and a 51% increase in pre-tax profit to £11.7 million.
The number of rooms sold rose 5.5% to more than 465,500 while revenue per available room (RevPAR) increased year on year by 2.4%.
Angela Vickers, chief executive officer, 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.”
Apex will this year complete a major refurbishment programme at its City Quay Hotel and Spa in Dundee.
Last year the company ploughed another £995,000 into the Ross Development Trust, a charity raising funds for the revitalisation of Princes Street Gardens in Edinburgh and which is chaired by Apex Hotels director Norman Springford.
