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Firmdale Hotels achieves record high group revenues of nearly £75m

03 August 2012 by

Firmdale - the group of eight boutique hotels in London and New York - has reported a 7.1% increase in group revenues to a record high of £74.4m, for the year to January 2012.

Meanwhile, average room rate for six of the group's London hotels (not including the recently opened Dorset Square), increased 4% to £312, while average occupancy was maintained at 89%.

Underlying group operating profit before depreciation, interest, tax and pre-opening project costs increased 11.1% to £14.3m.

The London hotels also saw a 2% growth in income from food, beverage and events.

Key events over the past year for Firmdale - owned by husband and wife team, Tim and Kit Kemp - have included the opening of the 38-bedroom Dorset Square hotel in June 2012, with early indications showing revenues significantly out-performing projections.

The freehold of the 44-bedroom Knightsbridge hotel was sold to a third party in December 2011 for £33m, with Firmdale remaining as the operator on a short leasehold for a minimum of five years. Proceeds from the sale of the hotel exceeded expectations and are being reinvested in the development of the £88m Ham Yard, Firmdale's new 92-bedroom boutique hotel. Due to open in 2013, the property will include a 120-seat cinema, bowling alley, 23 residential apartments and 12 retail units, and is due to open in Soho, near Piccadilly Circus.

Firmdale will also open a second New York property - to add to the 86-bedroom Crosby Street hotel - after securing a long leasehold interest on a property in Manhattan Midtown on 56th Street between 5th and 6th Avenues.

Just Opened - Dorset Square hotel, London >>

Barclays provides £188m funding to finance growth of Firmdale Hotels >>

Firmdale reveals more about new hotel in Soho >>

By Janet Harmer

E-mail your comments to Janet Harmer here.

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