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Firmdale Hotels enjoys 9.2% revenue bounce ahead of third New York opening

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Firmdale Hotels enjoys 9.2% revenue bounce ahead of third New York opening

Revenue at Firmdale Hotels – the parent company of the luxury hotel group – enjoyed a 9.2% bounce, reaching £162m in the year to 31 January 2019.

The group’s eight London hotels, including Ham Yard (pictured), winner of the Hotel of the Year – Independent award at the 2018 Cateys – saw revenue increase by 4.7% to £106.8m.

The average room rate across the London properties increased by 4.1% in the period to £382, while average occupancy saw a slight uptick to 88.6%. Food and beverage revenues in London also saw slight growth of 1.1% to £40.7m.

In New York, Firmdale’s two hotels brought in revenue of $70m, up 21.6% on the year before. The group said that its Crosby Street hotel, which has an average room rate of $977 and average occupancy of 84%, is one of Manhattan’s highest yielding.

Group-wide earnings before tax, depreciation and exceptional items increased by 43% to £25m.

On the back of the success, the group has announced it is planning a third hotel in New York. The Warren Street hotel will open in the city’s downtown Tribeca area, between Greenwich Street and Broadway.

The 11-storey hotel will have 70 bedrooms and suites, as well as a number of apartments available for short- and long-term stays. The ground floor will include a restaurant, drawing room and orangery, as well as several event spaces.

Top 100: Tim and Kit Kemp, Firmdale Hotels >>

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