The Dorchester Group reported a 5% increase in revenue to a record £304.5m in 2012, according to an article in The Guardian.
The addition of 45 Park Lane in 2012, on the former London Playboy Club site opposite the group’s The Dorchester hotel, was a significant revenue generator.
In its first full-year of trading in 2012, the five-star hotel contributed to the group’s UK revenues, which increased by £18.8m to £106.6m.
Operating profits from the three UK hotels — The Dorchester, 45 Park Lane and Coworth Park — rose four-fold to £15.5m compared to a £1.3m loss from the group’s hotel in Milan and its two in Paris.
Revenue over the past five years has surged 17.4% as the group’s owner — the Sultan of Brunei — has grown the portfolio to 10 hotels worldwide.
The most recent acquisition was in September, when the group paid around £89m for the 121-key Hotel Eden in Rome.
Although average occupancy at the group’s hotels remained flat at 69% in 2012, the average room rate was up £10 to £518 — nearly four times the 2012 London average of £138.50, according to research firm Hotstats.
RevPAR also rose by £10 to £359 at the Dorchester Group compared to the London average of £112.37.