Plans to grow Apex Hotels in rural areas have been aided by a £60 million package from Barclays.
The family firm, which operates Apex City Quay Hotel, has plans to acquire additional hotels in rural locations.
Last month it completed the acquisition of Pine Trees Hotel in Pitlochry for a seven-figure sum.
The Perthshire venue became Apex Hotels’ first property outwith a major city as it seeks to diversify its portfolio.
Barclays financed the purchase as part of a wider package to support Apex Hotels’ growth and investment in its current portfolio.
That will include future acquisition opportunities in the rural hotel market.
‘Ambitious growth plans’ for Apex Hotels
Apex Hotels chief executive Angela Vickers said: “Barclays refinancing package as well as their hospitality industry expertise will help to accelerate our ambitious growth plans.
“Not only to support continued investment in our existing city centre hotels, but to help us build a more diverse portfolio across rural and urban locations throughout the UK.
“Demand for high-quality hotels in the UK has never been stronger. The acquisition of the Pine Trees Hotel kickstarts our growth strategy.
“The brand is perfectly positioned to capitalise on the tourism resurge by putting guests at the heart of everything we do.”
The recent sale of Apex London Wall Hotel will also support the group’s ambitious growth plans.
With Barclays’ support, will help to accelerate a period of expansion over the next few years.
Barclays ‘collaborators and partners’
Jamie Grant, managing director of Barclays corporate banking in Scotland, said: “Our hospitality and leisure expertise has meant we have supported Apex Hotels with a high-value finance package of £60m to help secure the purchase of the Pine Trees Hotel.
“Tailored finance packages and relevant experience are key to giving clients what they need.
“Our role is more than finance providers. We are there as collaborators and partners to support our clients, helping inform decisions and achieve business opportunities.”
Apex Hotels was badly hit by the pandemic, and made an operating loss of £11.2m in 2020/21.
However its most recent accounts showed the firm has now bounced back. It made an operating profit of £2.9m last year.
Apex Hotels’ Dundee restaurant was named one of the most Instagrammable in the UK last year.
