Firmdale Hotels, the portfolio created by trailblazing hoteliers Tim and Kit Kemp, continues to demonstrate its resilience to challenging market conditions in the capital, with a £5m rise in annual turnover last year.
The group, which consists of eight London properties, saw turnover rise to £15.464m in its latest financial results for the year ending 31 January 2018.
This is an increase from £10.643m on the previous year.
Firmdale Holdings, the group’s parent company, posted a rise in revenue to £148m across the complete portfolio, which also includes two properties in New York alongside the London hotels.
Total revenues for the eight hotels in the capital, which include Ham Yard, Charlotte Street Hotel and Haymarket Hotel, increased 4.8% to £102m.
The business mix was 58% from rooms, 40% from F&B and 2% from other sales.
The results also highlighted a 6.8% increase in rooms yield, driven by increases in occupancy and room rate.
Combined average room rate across the London portfolio increased 4.3% to £375 during the year while average occupancy increased 2.1% points to 87.3%.
F&B revenues increased 1.8% to £40.3m, while private events incomes contributed 12.4% of total revenues.
As part of the report on Companies House, the company said that it was ‘seeking further development opportunities in London’, but also said that ‘no specific projects secured at present’.
Firmdale Hotels is one of the biggest boutique hotel brands in London and also New York. The complete portfolio in the capital comprises Ham Yard, Charlotte Street, Dorset Square, Haymarket Hotel, The Soho Hotel, Covent Garden Hotel, Knightsbridge Hotel and Number Sixteen, as well apartments, One Denman Place. The New York properties consist of Crosby Street Hotel and The Whitby Hotel.
Kit, the creative force behind each hotel, is a self-taught designer who met her husband Tim – the brand’s number cruncher – while working in an architects’ office in London, and they then went on to develop a string of small hotels in West London, kicking off proceedings with the launch of the debut Firmdale property, Dorset Square Hotel in 1985.