Revenue at Firmdale Holdings – the parent company of the luxury hotel group – was boosted by 18% to £148m during 2017, thanks to the openings of its 10th hotel.
The Whitby hotel, Frimdale’s second property in New York alongside the Crosby Street hotel, launched on 27 February 2017. For the 11 months until the end of the financial year on 31 January 2018, the Whitby added £18m to the Firmdale coffers with an average room rate of $862 (£660), according to the group’s financial accounts lodged at Companies House.
Meanwhile the Crosby Street’s average room rate of $925 (£708) and 86% occupancy makes it one of the highest yielding hotels in New York.
Pre-tax profits for the group fell by more than 50% to £2.4m. However, a £4.9m tax credit left the company £7.3m in the black. A dividend of £3.3m was paid to the directors.
The eight London hotels, including Ham Yard, winner of the Hotel of the Year – Independent award 2018 at last month’s Catey Awards, contributed 70% of the group’s total revenue.
Average room rate across the London hotels increased by 4.2% to £375m while average occupancy rose by 2.1 percentage points to 87.3%, resulting in a 6.8% increase in average room yield to £328.
The business mix across the London hotels was made of 58% revenue from rooms, 40% from food and beverage and 2% from other sales.
Since the end of the financial year, Firmdale Hotels, founded by Tim and Kit Kemp, has been awarded with the Queen’s Award for Enterprise for the fourth time in recognition of the company’s outstanding achievement in international trade. It is the only hotel company to have received the accolade.
Firmdale Hotels wins fourth Queen’s Award for Enterprise >>
Get The Caterer every week on your smartphone, tablet, or even in good old-fashioned hard copy (or all three!). Subscribe today and save 51%