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Apex Hotels invests £61m in new properties
Apex Hotels plans a second property in London and a fourth in Edinburgh as part of a £61 million investment.
The independent hotel group has acquired sites in the two cities to convert to into four and five-star hotels.
The acquisitions will bring the Apex portfolio to seven, subject to the company gaining planning permission for the new hotels.
Apex has also purchased a further building adjacent to its existing Apex City of London Hotel on Seething Lane and plans to spend £6 million developing the office block into an executive wing with 36 additional rooms.
The company’s new London property is located on the site of a former office in the heart of the City. Apex plans a £25 million investment to convert the building into a 70 to 80-room hotel with restaurant, bar, conference facilities and fitness suite.
The Edinburgh on Princes Street was the first large scale hotel in the city. Apex plans to return the property back to hotel trading by investing more than £30 million to achieve 180 “contemporary design-led” rooms, each offering the latest in business facilities and state-of-the-art entertainment systems.
The company’s managing director Angela Vickers said: “We are delighted with the success of our first London hotel which has enjoyed high occupancy since opening at the end of last year.
“The demand for our London bedrooms, along with a highly buoyant market, is driving our expansion and we are confident our second London property will be equally successful.
“The Scottish Executive has set an aspirational target of 50% growth in the value of Scottish tourism by 2015.
“In order to meet this growth target, a recent report on tourism accommodation within the Edinburgh city region has highlighted a requirement for 1,500 additional beds of a four star standard. As we are already a major player in the Edinburgh accommodation market with our three properties consistently in high demand, we feel we are best placed to capitalise on this.”
Report by Phil Davies
Phil Davies
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