nieuws

New hotels boost turnover at Alias

Horeca

LHM, owner of the Alias chain of boutique hotels, saw turnover for the first six months of 2003 rise by more than 70% during the first six months of this year as it added two new properties.Turnover increased to £5m, up from £2.9m at the same point last year. Gross profit was £3.9m, up from £2.2m last year.

But administration and finance costs increased to £4.9m, up from £2.3m in the first half of 2002, resulting in an operating loss of £82,000 and a pre-tax loss of just over £1m. The group said the increased costs reflected “the structure of the group to manage a period of growth and the funding needs of the development expenditure” at its new hotels in Manchester and Brighton.

The Alias division’s turnover grew by 111% during the period, with the Kandinsky in Cheltenham and the Hotel Barcelona in Exeter together contributing operating profit of £600,000, up from £500,000 last year.

The Hotel Rossetti in Manchester (opened in October 2002) and the Hotel Seattle in Brighton (opened February 2003) together turned over £1.9m. LHM said they broke even at operating profit level.

The company expects the contribution from the two new hotels to increase substantially over the second half of the year.Planning permission has been granted for extensions at both the Hotel Kandinsky and Hotel Barcelona, with work expected to start next spring.

The company also has a site in Liverpool, where it is applying for development permission.Chairman Nicholas Dickenson said the LHM board believed the way forward was to concentrate on the Alias division.

It therefore sold its wholly owned Luxury Family Hotel, the 14-bedroom Woolley Grange in Bradford-On-Avon, Wiltshire, on 1 October to a new company, Luxury Family Hotels Three. But LHM will continue to manage the hotel.Dickenson added: ‘Your board is currently reviewing how the Alias portfolio might be further developed and the brand value exploited, balancing the need to develop the group against any dilutive effect to existing shareholders which such expansion might bring.’

Wilt u dit nieuwsbericht en andere horecanieuwsberichten iedere maandag enwoensdag in uw mailbox ontvangen? Meld u dan hieronder aan als abonnee van de gratisHorecanieuwsbrief van Zibb.nl/horeca.

Uw e-mailadres:


But administration and finance costs increased to £4.9m, up from £2.3m in the first half of 2002, resulting in an operating loss of £82,000 and a pre-tax loss of just over £1m. The group said the increased costs reflected “the structure of the group to manage a period of growth and the funding needs of the development expenditure” at its new hotels in Manchester and Brighton.

The Alias division’s turnover grew by 111% during the period, with the Kandinsky in Cheltenham and the Hotel Barcelona in Exeter together contributing operating profit of £600,000, up from £500,000 last year.

The Hotel Rossetti in Manchester (opened in October 2002) and the Hotel Seattle in Brighton (opened February 2003) together turned over £1.9m. LHM said they broke even at operating profit level.

The company expects the contribution from the two new hotels to increase substantially over the second half of the year.Planning permission has been granted for extensions at both the Hotel Kandinsky and Hotel Barcelona, with work expected to start next spring.

The company also has a site in Liverpool, where it is applying for development permission.Chairman Nicholas Dickenson said the LHM board believed the way forward was to concentrate on the Alias division.

It therefore sold its wholly owned Luxury Family Hotel, the 14-bedroom Woolley Grange in Bradford-On-Avon, Wiltshire, on 1 October to a new company, Luxury Family Hotels Three. But LHM will continue to manage the hotel.Dickenson added: ‘Your board is currently reviewing how the Alias portfolio might be further developed and the brand value exploited, balancing the need to develop the group against any dilutive effect to existing shareholders which such expansion might bring.’

Wilt u dit nieuwsbericht en andere horecanieuwsberichten iedere maandag enwoensdag in uw mailbox ontvangen? Meld u dan hieronder aan als abonnee van de gratisHorecanieuwsbrief van Zibb.nl/horeca.

Uw e-mailadres:


Reageer op dit artikel
Lees voordat u gaat reageren de spelregels