Another year of strong financial growth for Apex hotel limited
Apex Hotels Limited has reported its financial results, with a 6% rise in turnover (to £65m) and 2.1% rise in underlying profits before tax (up to £10.5m).
Capital investment of £20.7m was used to further develop its new hotel, Apex City of Bath. The £48.5m, 177-bed hotel is the latest addition to Apex’s now 10-strong portfolio, it’s first in England to be outside of London. It is also the largest hotel in terms of room numbers and event space.
Last financial year Apex added 134 rooms through Apex City of Glasgow’s opening and the extension of Apex City of London. As a result its latest figures show a 7% growth in rooms sold and occupancy up by 2.6%.
The company has also restructured long leasehold arrangements in place for Apex City Quay, Dundee, Apex Haymarket and Apex City of London. In return for an annual rent increase the Group received a premium of £7m which was utilised to reduce bank debt.
