Cola Holdings, the hotel landlord founded by Kurdish born Bakir Cola, paid its owner a £110m dividend last year.
The company, which owns luxury hotels the Kensington Close, W8, and the Westbury, W1, posted pretax profits of £11.2m in the year to 30 September 2014, up by 23% on the previous year.
The company posted an increase in turnover from £52m to £64.3m thanks to a refurbishment and extension of the Kensington Close hotel, bringing it to 700 bedrooms, improving it from a three- to four-star rating.
The refinancing of the hotel through a new loan from Bank of Scotland in 2013 resulted in a £30m cash injection.
Cola sold its 170-bedroom Kingsway Hall hotel, W1, to Shiva Holdings for around £100m in October last year, immediately following its financial year end.
The equity released from the sale will be reinvested back into the business and spent on Cola’s remaining assets.
Cola’s son Azad took over as the company’s sole director last year.
