The group’s annual accounts for the 12 months ending 30 April 2024, show continuing growth in revenues (£79.4m), up 6.2% on the previous year, driven by both increased room occupancy and rates.

Underlying trading profitability has continued to improve with operating profit for the Group of £13.0m up 9.0% year on year after adjusting for a COVID-19 insurance claim in the previous financial period. 

Profits were also boosted by a gain on disposal of £18.9m following the sale of Apex London Wall Hotel in July 2023. The funds generated from the disposal, together with a Barclays Bank refinancing, have paved the way for the Group to commence its ambitious growth portfolio expansion. 

During the financial period, Apex Hotels acquired two rural properties - Pine Trees Hotel in Pitlochry, a 4-star hotel operating in rural Perthshire and Meldrum House Country Hotel and Golf Course, a highly regarded, luxury 4-star resort located in Aberdeenshire. These strategic purchases play an essential part in the growth of the business as the group looks to diversify into the rural hotel market. 

Following the year end, Apex Hotels continued to expand with the acquisition of The Vineyard Hotel, an award-winning 5-star country house hotel and spa operating in West Berkshire, followed by the DoubleTree by Hilton Dunblane Hydro, a 4-star hotel, operating in Central Scotland. The hotel will continue to trade as a Hilton Doubletree brand under a hotel management agreement. 

In addition, the group continues to invest in the existing portfolio, completing the refurbishment of Apex City of Edinburgh Hotel in early 2024. Apex Hotels remains in a strong strategic position, with a wide geographical spread across key cities within the UK, and a complementary rural proposition to widen the guest offering. With a strong trading performance, the directors are confident about the future, despite current economic headwinds. 

Apex Hotels chief executive Angela 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. 

“Maintaining a healthy profit margin has allowed us to continue to sustainably re-invest in our hotels, our people and our continued commitment to our ESG strategies. I am delighted to see the impact of investment in plant and infrastructure delivering reductions in scope 1 and scope 2 carbon footprint during the year, despite the 3% increase in total rooms sold. 

“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.”