Discover how major refurbishments led Highlands hotels to record revenue.
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The Crieff Hydro Family of Hotels has announced remarkable financial results for its two Highlands hotels, the Ballachulish Hotel and The Isles of Glencoe Hotel, following a substantial investment of over £6 million in refurbishments. This investment has not only enhanced the aesthetic appeal of the properties but has also significantly boosted their revenue, marking an exceptionally busy year for the hotels.
Since their acquisition in 2016, both hotels have undergone extensive renovations aimed at improving guest experience.
Chief Executive Stephen Leckie emphasized that the investments made have proven to be fruitful, with the hotels generating a revenue of £6.1 million for the year ending February 29, 2024, a notable increase from £5.5 million in the previous financial year. The earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw a significant rise of over 27%, reaching £1.1 million.
Leckie expressed optimism about the future, stating that the hotels have exceeded expectations in terms of performance.
He noted, “We do our best to offer good food and service, and that’s part of the reason why we’re successful.” The positive trend is not limited to these two hotels; Crieff Hydro Limited, which encompasses a total of six hotels including the flagship Perthshire resort, reported an increase in turnover from £36.4 million to £38.9 million in the same period.
Despite a drop in pre-tax profit from £419,000 to £32,000, the underlying EBITDA has increased year-on-year by more than £1 million, showcasing the effectiveness of the management team’s strategies. Leckie highlighted the importance of past investments, stating, “It’s particularly pleasing to see our past investments paying off with growth in revenue and profit at all our hotels.” The group plans to reinvest nearly £2 million into further developments, including a new bar and dining area refurbishments at Crieff Hydro.
The Crieff Hydro Family of Hotels is poised for continued success as it builds on its recent achievements. With a focus on quality service and strategic investments, the group is not only enhancing its properties but also ensuring long-term profitability and growth in the competitive hospitality market.
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