Butterfly Hotels to add 100 new rooms
01 January 2000
Butterfly Hotels is hoping to double its profits over the next three years by adding 100 rooms to its existing stock of 240.
The company intends to add 25 rooms to each of its current four hotels in eastern England, at a cost of £3m. It has already gained planning permission for its Peterborough property.
The independent group, which runs 50-70 bedroom hotels in Peterborough, King's Lynn, Bury St Edmunds and Colchester, boosted operating profits by 9% to a record £1,384,007 on turnover up 8% to £4.4m in the year to 30 April 1998. Butterfly, which is currently valued at about £18m, believes it is on target for profits of £1.5m in the current financial year.
