The Albion Hotel on the Isle of Wight has reopened after a £6m refurbishment, transforming the 40-bedroom boutique hotel while preserving its Victorian origins from the 1700s. The refurbishment emphasises comfort, with 36 rooms offering coastal views and balconies or terraces. The hotel now features a 120-seat restaurant called The Rock, a coastal style bar, a private lounge, and a dining room for small groups. The restaurant, led by chef Adam Wells, uses over 90% local produce. Purchased 18 months ago by David and Liz Walker of A2K Leisure and managed by Mark and Gayle from Sentry Mead Hotel, the renovation aims to boost Freshwater Bay’s community regeneration.
OYO plans to expand its UK operations by adding 200 hotels by the end of 2024, more than doubling its current portfolio. This follows a strong performance in 2023 and early 2024, with OYO achieving 10% RevPAR growth compared to the industry’s 7%. London, Manchester, and Birmingham are top-performing markets. OYO operates various hospitality models in the UK and has added 89 hotels in the past year. The company attributes its success to innovation, technology, and data capabilities, leading to increased revenue and higher Average Daily Rates (ADR) for its hotel network. OYO aims to leverage tech and smart data use for further expansion.
Heartstone Inns reported an 11% rise in revenues to £9.6m for the year ending 31 December 2023. Operating profit increased to £3.4m, but EBITDA slightly dipped to £1.7m, with a pub EBITDA margin of 18% compared to 21% last year. Despite trading challenges, Heartstone invested £349,809 in capital additions in 2023, following a £480,936 investment in 2022. The group plans to continue developing its estate over the next 12 to 36 months to maintain its premium market position.
