Firmdale Signs 3rd US Hotel After Turnover Reaches Record £162m

Main Photo: The Crosby Street Hotel, the first Firmdale hotel in New York

Date: August 2019

Location: Tribeca district, New York, USA

Name: The Warren Street Hotel – opening xx

No. of Keys: 70

Seller: The site is a former car park

Buyer: Firmdale, the boutique hotel group from Tim and Kit Kemp, who has seen turnover reach a record £162m, an increase of 9.2% on its last financial year.

Revenue for the group’s London properties, including Ham Yard and Haymarket Hotel, increased 4.7% to £106.8m, with a business mix of 60% from rooms, 38% from food and beverage and 2% from other sales in the year ending January 31 2019.

Rooms yield rose 5.3% overall driven by increases in both occupancy and room rate across the portfolio.

Combined average room rate across the London properties increased 4.1% to £382 during the year whilst average occupancy increased 1.0% point to 88.6%.

The group comprises eight London hotels and two in New York, with work on a third in the US city due to begin imminently.

The Warren Street Hotel will feature 70 bedrooms across 11 stories, alongside a restaurant, drawing room, orangery, bar and private events space with Firmdale’s distinct interiors created by Kit Kemp.

Firmdale Hotels was founded in 1985 by Tim and Kit Kemp and has since become one of the best loved boutique brands in the UK.

THPT Comment: Tim and Kit Kemp seem that they can do no wrong, with fab hotels in London and now New York…they just get the formula right!

First Seen: Boutique Hotelier

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