Apex Hotels saw pre-tax profits more than double in 2016 as it looks towards further expansion.
Profits for the Edinburgh-based four star chain rose to £10.3 million from £4.4 million in 2015 as turnover increased by 7% to £61.3 million.
The company said strong trading across its portfolio of nine hotels – covering London, Edinburgh, Glasgow and Dundee – plus new room openings were key contributors.
The opening of Apex City of Glasgow in September 2015 and a 30-bedroom extension to Apex City of London saw room stock rise by 134 rooms.
The company reported capital investment of £16.1 million during the last financial year and is preparing to open a 177-room hotel in Bath this summer.
Chief executive Angela Vickers said the results pave the way for another year of expansion and further investment to potential future acquisitions.
“We are proud of our continued growth in recent years, defying challenging market conditions, and 2017 promises to be a very exciting time for us,” she said.
“Key to our success is our ongoing commitment to providing a guest experience that rivals that of global brands – distinguishing Apex Hotels in an increasingly competitive marketplace.
“As we move into 2017 our robust financial results are testament to this and demonstrate our continued momentum in the development of the Apex brand and expansion of the portfolio.
“The opening of Apex City of Bath – set to be the historic city’s largest hotel in terms of conference and events spaces and number of bedrooms – will be a key milestone for us this year as our first opening in England outside of London.
“We are also set to develop Customs House on Dundee’s waterfront next to our existing Apex City Quay.
“It is important for us to continue investing in our existing portfolio and we are planning further bedroom expansion at Apex Temple Court in London as well as refurbishment totalling £6 million across our City of London, Grassmarket [Edinburgh] and Dundee hotels.
“In 2017 we will continue to look at other opportunities to extend and complement our existing portfolio.”
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