Bosses at the group, which has properties in Bath, Dundee, Edinburgh, Glasgow and London, said they had used lockdown to “improve the guest experience” after facing almost eight months of restrictions and closures during the past financial year.
The hotel group reported pre-tax losses of £16.4 million, down from a £7m pre-tax profit in the previous financial year.
However, the company took advantage of the slowdown in international and domestic travel during the year to April 30, 2021 to invest in back-office infrastructure, guest-facing technology and its staff training programmes, leaving it well-positioned to “maximise the opportunities” offered as the travel sector picks up.
The rise in staycations as restrictions eased also proved advantageous for the group.
Chief executive Angela Vickers said: “This was an incredibly challenging period for the entire industry, with intermittent restrictions and closures imposed for almost three-quarters of the financial year.
“However, we used the time wisely to by investing in initiatives that added long-term value, supporting future performance and a strong comeback, and capitalised on the appetite for staycations as restrictions on domestic travel eased.
“With the reopening of the hospitality industry, and thanks to a successful vaccination programme roll-out, we are in an excellent position to grow revenue once again and we are confident in our ability to drive long-term, sustainable growth as we near the end of the pandemic. Our outlook for the year ahead is optimistic.”