Firmdale Hotels sees record turnover of £162 million

Eloise Hanson By Eloise Hanson
02 August 2019 | Updated 02 August 2019

UK: Firmdale’s latest financial report shows a group turnover increase of 9.2 per cent across its 10 properties in London and New York.

The results for the year to 31st January 2019 are as follows:

London

  • Total revenue for the eight properties increased by 4.7 per cent to £106.8 million. The business mix included 60 percent from rooms, 38 per cent from food and beverage, and 2 percent from other sales.
  • Combined average room rate increased by 4.1 per cent to £382 whilst average occupancy increased by one per cent to 88.6 per cent. The average room yield thereby increased by 5.3 per cent to £339.
  • Food and beverage revenues increased by 1.1 per cent to £40.7 million.
  • Income from private events contributed to 11.8 per cent of total revenues.

New York

  • Total revenue for the two properties increased by 21.6 per cent to £53.7 million.
  • The Crosby Street Hotel increased its average room rate by 5.7 per cent to $977 at an average occupancy of 84 per cent. It remains one of the highest yielding hotels in Manhattan.
  • The Whitby Hotel increased its average room rate by 8.5 per cent to $935 at an occupancy of 77.7 per cent in its first full financial year. 
  • Combined food and beverage revenues increased by 22.6 per cent to $20.5 million.
  • Income from private events contributed to 12.3 percent of total revenues.

In total, gross operating profit increased by one per cent to 39.9 per cent.

Hotel

Firmdale Hotels will also be adding to its portfolio with the signing of Warren Street Hotel in New York's downtown Tribeca.

Rising to 11 stories and comprising of 70 rooms, its one-, two-, and three-bedroom suites will offer floor-to-ceiling windows that offer skyscraper views. A number of apartments will also be available for short- and long-term lets.

Other amenities will include a ground-floor restaurant, bar, drawing room, and orangery, as well as several private spaces for small and large scale events.

The hotel's interior design will be created by Firmdale Hotels' co-owner and creative director, Kit Kemp. Kemp is a successful textile, fragrance and homewares designer, author, and a champion of British art, craft and sculpture.

Be in the know.

Subscribe to our newsletter »
Subscribe

Our Events

Thank you sponsors

Subscribe to our Newsletter »