Family-owned Apex Hotels Limited has posted another year of strong trading performance with revenue up 6.2% to £79.4m in year ending 2024, driven by both increased room occupancy and rates.
Underlying trading profitability has also continued to improve with operating profit for the Group of £13.0m up 9.0% year on year after adjusting for a COVID 19 insurance claim in the previous financial period. Profit before taxation of £28.4m was boosted by a gain on disposal of £18.9m following the sale of Apex London Wall Hotel in July 2023.
The funds generated from the disposal, together with a Barclays Bank refinancing, enabled the Group to begin its growth portfolio expansion with the acquisition of Pine Trees Hotel in Pitlochry, and Meldrum House Country Hotel and Golf Course, in Aberdeenshire.
Following the year end, Apex Hotels continued to expand with the acquisition of The Vineyard Hotel, a 5-star country house hotel and spa operating in West Berkshire, followed by the DoubleTree by Hilton Dunblane Hydro. The hotel will continue to trade as a Hilton Doubletree brand under a hotel management agreement.
In addition, the group continues to invest in the existing portfolio, completing the refurbishment of Apex City of Edinburgh Hotel in early 2024.
Apex Hotels Chief Executive Angela Vickers said, “Following strong trading last year, we have set out a path for continued growth of the portfolio through strategic acquisitions and refurbishment of existing properties.
“The acquisition of Pine Trees, Meldrum House, The Vineyard and the DoubleTree by Hilton Dunblane Hydro marks a new chapter in the Group’s history as we venture into rural resorts and hotels. Offering greater choice will help maintain customer loyalty and enhance the guest experience.
“Maintaining a healthy profit margin has allowed us to continue to sustainably re-invest in our hotels, our people and our continued commitment to our ESG strategies. I am delighted to see the impact of investment in plant and infrastructure delivering reductions in scope 1 and scope 2 carbon footprint during the year, despite the 3% increase in total rooms sold.
“We look forward to another strong year in 2025 as we continue to grow our market position and establish ourselves as one of the top independent hotel groups in the UK.”
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