Claridge’s Hotel: Major expansion helps sales and profit surge at five-star London icon
Sales at Claridge’s Hotel surged by more than 20 per cent in 2023 thanks to a “strong” recovery from the Covid-19 pandemic and the completion of a major expansion project.
The five-star London hotel has reported a turnover of £119.3m for its latest financial year, up from the £98.1m it achieved in 2022.
According to newly-field accounts with Companies House, the hotel’s pre-tax profit also jumped from £2.2m to £7.2m.
Claridge’s Hotel said the rise in its pre-tax profit was mainly because of a “strong” post-Covid-19 recovery and an increase in bedrooms.
It added that these factors were enough to offset the negative impact of inflation and the “energy crisis” stemming from both the war in Ukraine and conflict in Palestine.
Claridge’s Hotel received a revenue of £83.7m from its bedrooms, up from £68.8m, and £30.8m from food and beverage (F&B), a rise from £25.6m.
During 2023 the average number of people the hotel employed jumped from 678 to 807.
In November 2023, Claridge’s Hotel Limited acquired the beneficial title to the 41-43 Brook Street building for £42m from 41-43 Brook Street LLP. Both are subsidiaries of the same parent entity.
The move allowed Claridge’s Hotel to merge with the refurbished building to create a combined 269-bedroom hotel.
Claridge’s Hotel to open new health club
A statement signed off by the board said: “The company’s actual performance and projections for [the] remained of 2024 and 2025 show substantial improvement year on year.
“Major development works finished in Q4 2023 and with the addition of [the] Brook Street wing, increased bedroom stock to 269.
“The company intends to materialise on this, coupled with the extended F&B offering including the first full year of trading of Claridge’s Restaurant.
“The company still intends to develop [a] health club, retail units and other F&B outlets by Q2 2025.”
The immediate parent company of Claridge’s Hotel, Coroin Limited, is due to file its accounts for 2023 by the end of September.
As well as Claridge’s, Coroin Limited also includes The Mayborune Beverly Hills Hotel.
Claridge’s Hotel is owned and managed by Maybourne Hotel Group whose Qatari ultimate beneficial owners are Hamad bin Khalifa al-Thani, the former emir of Qatar, and the former prime minister Hamad bin Jassim bin Jaber Al Thani.