Operating profit at Puma Hotels, formerly part of the Dawnay Day collection of companies, almost doubled in the six months ended 30 June to £11.4m.
The group said the boost in profits was led by new leasing agreements with Spanish hotel operator Barcelo. The agreements mean Puma no longer has to bear the cost of operating the hotel group, nor fund maintenance expenditure.
Looking ahead, Puma – which ended its agreement with Dawnay Day in July – said it believed there were possibilities to increase the number of hotels in its portfolio. It already owns 20 properties across the UK.
It said: “We continue to monitor the market and may seek attractive hotel acquisition opportunities when financial conditions become more stable.
“As a major sucessful hotel property specialist with good access to the financial markets, we remain open to taking advantage of attractive opportunities. Under our agreement with Barcelo, there is provision to place any new acquisitions under their management with an operating lease.”
