Apex hails investment

Bath England Ancient Roman Baths
Bath, England

Apex Hotels reported full-year revpar growth of 2.4%, driven by an investment of £9m in its estate.

The company was set to continue to upgrade its portfolio this year, with work being undertaken on its Dundee site.

The company saw a 9.5% increase in turnover, from £68.9m to £75.4m, and a 51% increase in pre-tax profit to £11.7m.

Angela Vickers, CEO, Apex Hotels, said: “Over the past year, we have delivered on our capital investment programme to upgrade the portfolio.

“We are delighted to see this has resulted in a strong performance across the financial year and demonstrates our continued commitment to providing modern facilities and the best possible experience for our guests.

“We invested £3.7m in the Serjeants’ Inn property adjoining Apex Temple Court Hotel allowing us to create a 20-room extension, including five luxury suites, meeting rooms and new wine bar Lazy Ballerinas – the total investment on this project alone totalled £12.5m.

“Finishing touches to bedroom refurbishments also took place at Apex City of London and Apex Waterloo Place in Edinburgh.  Meanwhile, we are pleased to report 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.”

Apex operates 10 hotels, including sites in Edinburgh, Glasgow, Dundee, London and Bath.