Jarvis eyes small hotels
Jarvis Hotels is on the acquisition trail, with up to £80m earmarked for growth this year.
A spokesman confirmed that the company was looking to buy several "small" hotels, but declined to comment on its reported interest in Hanover International. Earlier this year, Jarvis was rumoured to have considered a hostile takeover of the seven-strong hotel chain.
Chairman and chief executive John Jarvis said organic growth was also continuing, with 20 new bedrooms to be opened next month at the Jarvis London Embassy.
The group last week reported a 23.4% jump in pre-tax profits to £17.1m for the half-year to 11 October, on turnover up 18.4% to £73.1m.
Operating profit increased by 27.7% to £20.6m, largely due to an increase of 11.7% in room yield from £29.87 to £33.35. Average occupancy rates edged up by 2.6% to 72.3%, while average room prices rose by 8.8% to £46.09.
