Claridge’s back in black after seven-year rebuild as tourists flock back to London
Claridge’s, the Mayfair luxury hotel that has undergone a multi-million pound seven-year renovation, has returned to profit as it overcame the effects of Covid pandemic.
The art deco hotel, part of the Qatari-owned Maybourne Group which includes the Berkeley and the Connaught hotels, reported a profit before tax of £2.2m for the year ending 31 December 2022, against a loss of £20.1m a year earlier, according to its latest accounts filed with Companies House at the weekend.
A tax charge of £2.2m led to a small loss of £34,000.
Turnover at the hotel that opened its doors in 1856 soared to £98.1m, compared with £40.3m in 2021.
The hotel, whose guests have ranged from royalty to Audrey Hepburn and Kylie Minogue, last year spent £42.2m – against £70.9m in 2021 – on renovation works, which were the subject of a three-part BBC documentary series, The Mayfair Megabuild, filmed over seven years.
A new penthouse, new suites and rooms were added during the year.
In the hotel’s business review, the company said it was committed to another £18.6m of development of the junket room, new restaurant and cellar.
The company’s ultimate beneficial owner, Sheikh Hamad bin Khalifa Al-Thani, a member of the Qatari royal family, provided a letter of financial support, according to the accounts.
In 2022 Maybourne Hotels pushed Paddy McKillen and his associate Liam Cunningham off the board, sparking a dispute with the Irish property developer who claims he is owed more than a £1bn from a profit-sharing agreement dating back to 2015.