Independent UK country house hotel group, Hand Picked Hotels, has recorded a £1.7m rise in revenue between 2016 and 2017 in the company’s latest filed financial results.
The portfolio, which operates 17 properties across the UK and three in the Channel Islands and is headed up by chairman and CEO Julia Hands, saw total revenue for all hotels grow by 2.1% on a like-for-like basis, driven primarily by a 3.7% increase in average room rate.
Health club and spas across the group also performed well, with a revenue increase of 8.2% across ten Hand Picked sites.
Chairman Hands said that 2017 was ‘an exciting and fulfilling year for the business’, characterised by changes in the portfolio, continued investment in the hotels and some positive financial highlights.
Group turnover for the period ended 30 November 2017 decreased by 0.3% to £61.7m, with the sale of Seiont Manor Hotel impacting the turnover comparison. Occupancy also saw a small drop of 0.8%.
Adjusted EBITDA has increased to £9.3m compared with £8.5m on the year prior.
The acquisition of Stanbrook Abbey Hotel in March 2017 took the group’s managed portfolio to five properties.
Hands went on to say that the Channel Islands in particular delivered solid revenue growth, especially St Pierre Park Hotel, Spa & Golf Resort in Guernsey following the £3m redevelopment of its spa and health club during 2016, and the five-star Grand Jersey Hotel & Spa
Nutfield Priory Hotel in Surrey, Chilston Park Hotel in Kent and Rookery Hall Hotel in Cheshire also generated revenue increases of between 5% and 10%, driven by leisure bookings, weddings, events and conferences.