Edinburgh based Apex Hotels Limited has reported a successful financial year with an 11.8% rise in underlying profits before tax, up from £9.2m to £10.3m.
The company said strong trading across its nine-hotel portfolio – which spans London, Edinburgh, Glasgow and Dundee – and new room openings were key contributors.
The successful opening of Apex City of Glasgow in September 2015 and the 30-bedroom extension to Apex City of London saw room stock rise by 134 rooms. Meanwhile the company also reported a £10m increase in valuations (rising to £336m).
Apex Hotels Limited has gone from strength to strength under the leadership of CEO Angela Vickers who says the results pave the way for another year of exciting developments, from expansion and further investment to potential future acquisitions.
The company reported capital investment of £16.1m during the last financial year and further developed its new 177-room hotel, Apex City of Bath, set to open in summer 2017.
Angela Vickers, Chief Executive Officer, Apex Hotels Limited said: “We are proud of our continued growth in recent years, defying challenging market conditions, and 2017 promises to be a very exciting time for us. Key to our success is our ongoing commitment to providing a guest experience that rivals that of global brands – distinguishing Apex Hotels in an increasingly competitive marketplace.
“As we move into 2017 our robust financial results are testament to this and demonstrate our continued momentum in the development of the Apex brand and expansion of the portfolio.
“The opening of Apex City of Bath – set to be the historic city’s largest hotel in terms of conference and events spaces and number of bedrooms – will be a key milestone for us this year as our first opening in England outside of London. We are also set to develop Customs House on Dundee’s waterfront next to our existing Apex City Quay.
“It is important for us to continue investing in our existing portfolio and we are planning further bedroom expansion at Apex Temple Court in London as well as refurbishment totalling £6million across our City of London, Grassmarket and Dundee hotels. In 2017 we will continue to look at other opportunities to extend and complement our existing portfolio.”