Peel Hotels secures extended loan following modest rise in revpar and room rate
Peels Hotels has announced an extension to its existing loan with the Royal Bank of Scotland, providing stability for the regional group over the next four years.
The new loan facility with regards a net debt of £12.3m was highlighted in the company's annual report, for the year ending 3 February 2013, in which chairman Robert Peel revealed "a modest improvement" in results.
Revenue increased by 4% to £15,233,026, up from £14,647,126 in 2012, while gross profit before depreciation and group administration increased 6.7% to £2,410,311 (2012: £2,258,536). EBITDA increased 9% to £1,698,060 (2012: £1,557,655).
Revenue per available room (revpar) and average room rate both increased 2.3%, but occupancy remained flat.
Peel Hotels - which owns nine hotels across the UK - spent £439,308 during the last financial year on the continuing refurbishment of bedrooms at the Midland hotel, Bradford; the Bull hotel, Peterborough; the Crown and Mitre hotel, Carlisle and the Norfolk Royale hotel in Bournemouth.
For the first quarter of the new financial year, sales growth has been flat and energy costs have been higher in the previous year. "We have trimmed our overheads and hope to further improve our EBITDA in the current year," said Peel in the chairman's statement.
