UK: Boutique hotel group Firmdale has witnessed record revenues last year, almost doubling to £192.6 million.
Average room rates across Firmdale’s London hotels increased by 15.4 per cent to £568 in the year to 31 January 2023, according to The Evening Standard. Properties in the UK capital include Ham Yard Hotel, Haymarket Hotel, Charlotte Street Hotel, The Soho Hotel and Covent Garden Hotel.
The increase has led to the group exceeding its pre-pandemic high of £169.8 million by £22.8 million.
While costs also increased last year by 49 per cent to £165 million, it resulted in Firmdale receiving a £13.4 million net profit – up from a loss of £11.4 million last year.
The majority of Firmdale guests (47 per cent) travelled from North America, followed by the UK (23 per cent), Europe (16 per cent), and the rest of the world. The influx of travellers pushed the group’s London portfolio to 72 per cent occupancy, which remains below the pre-pandemic high of 87 per cent in 2019.
Malcolm Soden, finance director at Firmdale, said: “In London the financial year 2022/23 was characterised by a tremendously strong recovery as international travel was re-established, and by March 2022 revenues were already outperforming pre Covid levels. The upward trend continued throughout the year.”