Village Hotel Club reveals loss as turnover climbs by 6.8%
Village Hotel Club made a loss after taxation of £709,000, down from a profit of £14.1m the previous year, according to the annual financial statement for parent company of the 30-strong group VUR Holdings (UK).
In the document lodged at Companies House, it was revealed that a £1.5m property impairment during the year ended 31 December 2018, combined with a £9.9m reversal of the prior year's property impairment in 2017, contributed to the loss.
Total turnover for the company increased by 6.8% to £208.4m, with average daily rate and revenue per available room up by 1.5% to £68 and 3.5% to £59 respectively. Average occupancy increased from 86% to 87% and group EBITDA grew by 8% to £4.1m.
Owned by US-based private equity company KSL Capital Partners, Village derives its revenue from three core stream: bedrooms, food and beverage and health and fitness, with leisure club members growing by 5.2% to 96,716.
The new all-day dining Pub & Grill concept which was implemented at nine hotel during 2018 helped grow food and beverage revenue by 4%.
At the end of the financial year, the group's hotel property portfolio was valued at £730.9m, up 13.1% from the previous year. Two further sites are due to open in Basingstoke and Southampton, with more locations expected to be secured by the end of 2019.
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