The acquisition of four new hotels has helped boost turnover across regional hotel group Peel by 5.3% to £12.3m in the 12 months to 13 February 2005.
During the year, Peel acquired leasehold interests in :
- The 94-bedroom Crown & Mitre in Carlisle
- The 68-bedroom Strathdon in Nottingham
- The 48-bedroom King Malcolm in Dunfermline
Peel also bought the freehold of the Golden Lion hotel in Leeds.
Chairman Robert Peel said: “Our hotels, apart from the Golden Lion, performed well in the year with like for like sales growth of 5.3% and revenue per available room up 4.4%, even including the Golden Lion’s disappointing performance.
“Acquiring the remaining three leaseholds and the freehold of the Golden Lion, will give us the income going forward to compensate for loss of earnings from the Grace Hotels management contract’.
Group turnover, including the company’s managed hotels, increased by 4% to £12.5m. Operating profit was £2.3m, a decrease of 7.1%.
References: EGi News 14/04/05
