Apex Hotels looks to ‘continued growth’ amid profit boost

Apex Hotels’ chief executive Angela Vickers has said the business is aiming to become one of the "top independent hotel groups in the UK" after posting pre-tax profits of £28.4m.

In its latest results for the year ended 30 April 2024, the family-owned hotel group reported a 6.2% increase in revenue to £79.4m, which was driven by increased room rates and rising occupancy.

The £18.9m sale of the Apex London Wall hotel in July 2023 also boosted the group’s profits.

Apex Hotels has unveiled plans to accelerate its expansion after securing funding from Barclays Bank.

During the financial period, the group acquired two rural properties to bolster its presence in the countryside: Pine Trees hotel in Pitlochry, Perthshire, and Meldrum House Country Hotel & Golf Course in Aberdeenshire.

In October last year it also acquired the Vineyard in Berkshire, which was managed by two generations of Sir Peter Michael’s family, and the DoubleTree by Hilton Dunblane Hydro in central Scotland, which will continue to trade as a Hilton Doubletree property under a hotel management agreement.

Vickers said: “Following strong trading last year, we have set out a path for continued growth of the portfolio through strategic acquisitions and refurbishment of existing properties.

“The acquisition of Pine Trees, Meldrum House, the Vineyard and the DoubleTree by Hilton Dunblane Hydro marks a new chapter in the group’s history as we venture into rural resorts and hotels. Offering greater choice will help maintain customer loyalty and enhance the guest experience.”

She added: “We look forward to another strong year in 2025 as we continue to grow our market position and establish ourselves as one of the top independent hotel groups in the UK.”

Apex Hotels was founded by Norman Springford in 1996 and now owns 12 hotels across the UK.