Independently owned group Apex Hotels has reported an increase in turnover of 2.4% to nearly £42m in its current financial results.
During a year in which Apex opened its eighth four-star hotel - the Apex Temple Court in London - the company delivered a solid financial performance, despite the difficult market conditions, according to the group's managing director, Angela Vickers.
While the opening costs of the 184-bedroom Apex Temple Court resulted in a £1.5m fall in operating profit, to £5.6m, for the year to 30 April 2012, the addition of the property to the group's portfolio has boosted its net assets from £126m to £152.7m. The hotel has been independently valued at £75m against an initial build cost of £50m.
Average room rate achieved during the 12-month period was £108.70, compared with £107.06 during the previous year, while occupancy increased to 80.43% (up from 70.77% in 2011) and the total number of rooms sold was 290,480, against 279,791 in 2011.
In reviewing the year, Vickers said: "Apex Hotels has maintained its market position, continued to invest in product and service enhancements and successfully opened a third London hotel.
"While Apex Hotels' performance for the remainder of 2012 will inevitably be influenced by uncertain economic conditions, demand for our brand continues to strengthen. We are delighted by the performance of our most recent opening, Apex Temple Court, which is building market share and has quickly established itself as a popular choice for travellers in the City of London."
Apex Hotels has three hotels in London, four in Edinburgh and one in Dundee.
By Janet Harmer
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