Glh hotel group records 61% increase in operating profit

13 February 2015 by
Glh hotel group records 61% increase in operating profit

Savings in costs and improved efficiencies helped achieve a 61% increase to $28.8m (£18.7m) in operating profit at hotel group glh, during the second half of 2014.

Glh's results follow a recent refinancing of the group's £138m mortgage debentures and the securing of an additional £62m for working capital, which is expected to result in substantial interest savings for the six months to 30 June 2015.

Mike DeNoma, chief executive of glh who has also just been appointed chief executive of parent company, GuocoLeisure, said that the company has made "significant headway" in the past six months towards its vision of being "the world's best managed hospitality company" in the hotel sector.

Following the announcement in June 2013 of the rebranding of what was previously Guoman Hotels to glh, the company has launched three new hotel brands - Clermont (luxury), Amba (four-star) and Every (limited service, four-star).

While the rebranding of the Royal Horseguards hotel in London to the first Clermont hotel is yet to happen, the Amba got off the ground with the launch of the Amba Hotel Charing Cross (a former Guoman hotel) in December 2014. A second Amba hotel will open in Marble Arch later in the year, following a rebranding from a Thistle property.

The first Every hotel, known as Every Piccadilly (also a former Thistle property) will open later this month in Coventry Street, London.

Glh has 36 hotels, comprising 8,279 bedrooms across the UK.

Glh launches limited-service, four-star brand, Every Hotels >>

Glh launches four-star Amba brand >>

New glh. luxury brand Clermont launches with Royal Horseguards hotel >>

Guoman hotels rebrands as glh. >>

TagsFinance and Hotels
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