Sports events lead to jump in revenue for Apex Hotels
Apex Hotels said it expects a busy 2016 after growing its revenue for the 12 months ended 30 April 2015, boosted by events such as the Ryder Cup and Glasgow 2014 Commonwealth Games.
Chairman Ian Springford told The Scotsman that the Edinburgh-based group is “heading in the right direction” despite pre-tax profits falling to £4.7 million from £6.8m, as its turnover rose to £57.3m from £56.1m.
Its average room rate increased to £126.17 from £120.24 and revenue available per occupied room rose to £109.17 from £104.82. However, its rooms sold fell to about 360,000 from nearly 364,000, with occupancy also dropping to 86.5 per cent from 87.2 per cent.
The hotel group’s portfolio comprises six hotels in Scotland, including four in Edinburgh, and three in London. Its Apex City of Glasgow branch opened its doors in September and the group is also to open up in Bath in summer 2017.
Springford said the group will consider further expansion on an “opportunity-by-opportunity” basis.