Turnover has continued to rise for Apex Hotels Limited, up 6% from £65m to £68.9m.
The UK-wide hotel group also reported growth in the number of rooms sold, with a rise of 5.9% on the previous financial year.
Pre-tax profit was £7.8m following a financial year that saw significant reinvestment across the portfolio.
Capital investment was top of the agenda for the four-star hotel group, with £18.8m invested in an extensive expansion and refurbishment programme across its 10-strong portfolio.
Angela Vickers, chief executive officer, Apex Hotels Limited said it had been an ‘exciting’ period for the group, after ploughing significant investment into refurbishments and upgrades across the portfolio in London and Scotland.
She said: “We have ploughed significant investment into a range of new additions and improvements across the portfolio. Our customers are appreciative of this continued reinvestment, with guest satisfaction GRI scores increasing across the group to 90 per cent*.
“Overall we are reflecting on an extremely positive financial year, and we look forward to everything 2019 will bring including unveiling our new rooms and suites at Apex Temple Court and further refurbishment programmes in London and Edinburgh.”
The company also restructured long leasehold arrangements in place for Apex Temple Court. In return for an annual rent increase the Group received a premium of £22m which was utilised to reduce bank debt.
Over the last year, Apex Temple Court benefitted from a multi-million pound extension, creating 20 new rooms.
Apex City of London also underwent a £1.3m project to introduce the Lampery restaurant and spa facilities.
A £4.3m refurbishment was also rolled out at Apex City Quay Dundee and Apex Grassmarket in Edinburgh, while an additional £9.2m was allocated to the completion of the 177-room Apex City of Bath.