Corinthia London: Profit slashed at five-star hotel despite revenue spike
Profit has been slashed at five-star hotel Corinthia London despite its revenue spiking by 80 per cent, it has been revealed.
The hotel, which is located on the corner of Northumberland Avenue and Whitehall Place, has posted a pre-tax profit of £67,600 for 2024, new accounts filed with Companies House show.
The figure is down from the £207,187 pre-tax profit the hotel achieved in 2023.
However, Corinthia London’s revenue jumped from £4.7m to £8.4m over the same period.
The building which houses the Corinthia London was originally opened in 1885 as the Metropole Hotel and was bought after the Second World War by the Ministry of Defence.
It was used as government offices until it was sold by Crown Estates in 2007 and became Corinthia London.
The hotel is part of the wider Malta-based group which was founded by Alfred Pisani.
Corinthia Hotels International also has locations in Budapest, Prague, St Petersburg, Lisbon, Malta and Tripoli.
During 2024, Corinthia London appointed a new chief executive, chief financial office, chief people and culture officer and a new boss in charge of development. The firm said these moves impacted its results for 2024.
It also, through its subsidiary in the USA, launched a new hotel in the Upper East Side in New York City which became operational towards the end of 2024.
In April this year, Barclays agreed a loan of £192m to the company behind Corinthia London.
The deal was Barclay’s UK Corporate Bank’s largest loan to the hotel sector in two decades.
Corinthia London recently hit the headlines after it was reported how much singer Mariah Carey’s bill was after headlining Brighton Pride.
The hotel is a favourite of Hollywood film studios to use to help launch their new movies in the UK.
Recent releases such as The Naked Gun, The Fantastic Four: First Steps, Superman and Thunberbolts have all held promotional events at the hotel.
Sir Rocco Forte enjoys bumper pay day
The results for Corinthia London come after Morning Wire reported this week that the hotels group founded by Sir Rocco Forte had issued a record dividend for the first full year after Saudi Arabia’s Public Investment Fund (PIF) became a major shareholder.
Rocca Forte Hotels paid out dividends totalling £8.9m for the year to 30 April, 2025, to its shareholders.
The international hotels group, which is headquartered in London, is owned by Sir Rocco Forte and 49 per cent by PIF following a deal which valued it at £1.4bn which was announced in December 2023.
Last year’s accounts revealed the group incurred costs of £16.7m associated with the deal which impacted its pre-tax profits.
However, new results filed with Companies House have revealed the group’s pre-tax profits bounced back from £15.8m to £25.4m during its latest financial year.
Its revenue also increased over the same period from £311.9m to £318.3m.
Losses continue at The Ritz
Earlier this year, Morning Wire reported that London’s iconic Ritz hotel had lost more than £75m since it last turned a profit.
The hotel posted a pre-tax loss of £10m for 2023, accounts filed more than five months late with Companies House show.
The figure came after The Ritz posted a loss of £16.5m for 2022, £32m for 2021 and £27.3m in 2020.
The last time the hotel reported a pre-tax profit was the £2.4m it achieved in 2019.
The delayed accounts for 2023 also show that turnover at The Ritz remained static at £36m in the year.
The hotel is now expected to file its accounts for 2024 by the end of September this year.
However, it has not submitted its accounts on time to Companies House since June 2022.