Peel hotels benefit from new acquisitions

06 October 2005
Peel hotels benefit from new acquisitions

Peel Hotels' profit leapt in the first six months of the year after it acquired three hotels, increasing its estate by a third.

Pre-tax profit for the independent hotelier leapt 28% year-on-year to £1m (2004: £776,467) after it bought the leaseholds of three hotels from Grace Hotels on 16 May 2004.

The transaction also concluded the management contract begun with Grace in autumn 1998.

However, chairman Robert Peel said: "There is still considerable scope to improve performance within the portfolio."

In the 28 weeks to 28 August 2005, turnover grew by 17.6% to £7.99m (2004: £6.79m).

Sales at the group's six existing hotels edged up 2.2%.

By Kerstin Kuhn

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