Apex Hotels, the Edinburgh-headquartered hotel group, has reported increased annual turnover during a year that has seen the business invest significantly in its portfolio.
The group, which has sites in five cities across the UK, posted a 6 per cent increase in revenue to £68.9 million for the 12 months to 30 April.
Pre-tax profits fell to £7.8m, a drop from £10.5m in the financial year 2017, on the back of an expansion and refurbishment programme undertaken during the period.
Apex invested £18.8m across its ten-hotel strong portfolio, which included combined works totalling £4.3m at its City Quay site in Dundee and its Grassmarket location in Edinburgh.
It also restructured long leasehold arrangements in place for Apex Temple Court in London, which is due to launch next week.
In return for an annual rent increase the group received a premium of £22m which was utilised to reduce bank debt.
The firm is planning further refurbishments at its London and Edinburgh hotels in the coming year.
Chief executive officer Angela Vickers said: “We are pleased to report a year-on-year rise in turnover during what has been an exciting period for the brand.
“A prime example of this is London, where Apex Temple Court Hotel has benefited from a multi-million pound extension, creating 20 new rooms including a number of luxurious suites.
“Meanwhile, the year also saw an additional £9.2m allocated to the completion of our 177-room Apex City of Bath which has proved to be a fantastic and hugely popular addition to our portfolio.
“Overall we are reflecting on an extremely positive financial year, and we look forward to everything 2019 will bring including unveiling our new rooms and suites at Apex Temple Court and further refurbishment programmes in London and Edinburgh.”