Hand Picked Hotels reduces losses from £9.1m to £3.9m
Hand Picked Hotels has reported losses of £3.9m for the 12 months to 27 November 2014, an improvement on the £9.1m losses for the previous year.
The regional hotel group, headed by chairman and chief executive Julia Hands, also saw its turnover increase by 3.6% to £60.2m, according to its annual accounts lodged at Companies House.
The company, which operates Rookery Hall in Nantwich, Cheshire, and Buxted Park, Ashdown Forest, East Sussex, among its portfolio, said the revenue increase was assisted by growth in both occupancy and average room rates. Overall occupancy increased by 1.2% from 2013 and average room rates increased by 4.8%. There was also a 7% rise in EBITDA to £9.5m.
A total of £5m was spent on upgrading bedrooms, public areas and leisure facilities across the portfolio during the period. The company also acquired the Grand Jersey hotel & spa with the Michelin-starred Tassili restaurant and opened a new spa at L'Horizon beach hotel & spa on the island.
Hands said: "In 2014 Hand Picked Hotels delivered another 7% increase in its EBITDA, despite some turbulence in trading conditions and increased challenges to the cost base. This was achieved without sacrificing customer satisfaction or quality of product and service."
Hand Picked Hotels currently operates 21 hotels with a total of 1,356 bedrooms, compared with 1,231 rooms in 2013. Seventeen of the properties are owned by the company; the other four are operated under management contracts.
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