Apex Hotels, which operates a four-star venue in Dundee city centre, says it is experiencing “exceptional growth”.
Newly filed accounts for the group, which operates eight hotels, show a 58% increase in revenue and millions more in profits.
The news follows the sale of Apex London Wall Hotel and a five-year refinancing deal with Barclays worth £60 million.
For the year ending April 30, Apex Hotels’ turnover was £74.8m compared to £47.3m in 2022.
Operating profit of £14.5m is up from £2.9m in the previous year.
Apex Hotels acquisitions
The successful year combined with financing from Barclays, means Apex is looking to acquire more properties.
In July Apex purchased the Pine Trees Hotel in Pitlochry for an undisclosed sum. The 29-bedroom hotel was being marketed with a price tag of £3m.
It represents the first phase of a portfolio expansion strategy targeting popular UK destinations.
Chief executive Angela Vickers said more properties were being assessed.
She said: “Our ambitious acquisition strategy will help diversify and expand our portfolio, delivering more choice through a wider range of destinations for our guests.”
Confidence returning in hotels sector
The chief executive said she was delighted at trading during the financial year, as confidence returned to the market.
She added: “This year we have built upon strong foundations in 2022, with a renewed confidence in the market as demand from our UK and international guests returns.
“We have successfully matched revenue and occupancy growth with a healthy profit margin, allowing us to sustainably reinvest in the business and our people.
“This includes doubling down on our effort to build a sustainable, community focused organisation through our ESG strategy.
“We look forward to a strong year ahead as we continue to expand the business and grow our market position as one of the UK’s leading independent four star hotel groups.”
Apex City Quay hotel recently hosted this year’s Courier Business Awards – see the 60 best pictures from the event here.
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