UK: Edinburgh based group Apex Hotels announced a significant jump in profits due to its investment strategy.
According to Edinburgh Evening News, the company reported a 51 per cent profit jump to £11.7 million and a 9.5 per cent revenue jump to £75.4 million.
Most notable may be RevPAR for the company, which increased 2.4 per-cent year on year, demonstrating consistency in growth alongside explosivity. The company operates ten hotels across Edinburgh, Glasgow, London, Dundee, and most recently Bath.
Angela Vickers, Apex CEO, attributes this growth to its ability to deliver on its capital investment portfolio, with significant refurbishments having taken place over the past year. Some hotels overperformed as well, she noted: “Apex City of Bath Hotel – the most recent addition to our portfolio – performed particularly well for conference and events during its first year of trading.”
The company has introduced a variety of schemes in the past year as a part of its Warmerwelcome initiative, including starting its own podcast, and in 2018, partnered with a mental health prorgramme in order to formulate mental health aid courses for its employees. These initiatives may have positively impacted the growth over the past year.
The group is currently focused on a major refurbishment at its Dundee property.