L+R Hotels targets further growth in 2023

As we finish our 2023 budgets, the first since 2019, which have been relatively unimpacted by Covid but suffering from high inflation, recruitment issues and strikes across our UK business it has caused us to look back over these last three years at L+R Hotels.

The beginning of 2022 (post omicron) brought a sharp recovery in occupancy as well as many staffing challenges and inflationary pressures but we’ve seen the majority of our hotels reach revenue levels in excess of 2019 which is even more amazing given the difficult start to 2022.

As well as the operational challenges faced we have also grown our portfolio in the last three years.

We acquired eight select service hotels within the Atlas portfolio and developed two new Hotels. We continue to target select service assets to grow our market leading Atlas platform. In the next few years our objective is to replicate the success of the UK Atlas portfolio in both Europe and the US.

The last three years also saw the completion of the Nobu London Portman Square , the Mayfair Townhouse and the Mole Resort, Devon. All three assets saw significant refurbishment and opened into the challenging Covid impacted market. It’s testament to our strong teams as to the speed of their ramp up over the past year.

In addition to the newly opened Mayfair Townhouse, Iconic Luxury Hotels will add the Draycott hotel to its portfolio of managed assets. ILH is a dedicated management platform for luxury assets and continues to grow its portfolio through the acquisition of real estate and as a third party manager.

Finally our most significant growth has been in the United States and Caribbean. Through the hard work of our US team we have increased our US portfolio by 13 hotels and are in the midst of a wide ranging refurbishment of these assets. Our increasing exposure to the US provides us with a balanced portfolio and allows us to ensure best practice across the group.

With thanks to our ownership whose stable stewardship has allowed us to grow through the last few years and provide a strong corporate culture with which to oversee a diverse portfolio?

We continue to focus on growth in 2023 and beyond and invite anyone to contact us to discuss any of the projects noted above or such opportunities as you may have.

We also wish to thank our entire team who have worked so hard to deliver these results and wish them all a Happy Christmas and a healthy, prosperous new year.?

Neil Kirk

COO – L&R Hotels?