Sterling’s woes give boost to Forte hotels
CURRENCY fluctuations boosted business at Sir Rocco Forte’s luxury hotel chain last year as the company continued to expand across Europe and Asia.
Rocco Forte Hotels – founded by the hotelier and his sister Olga Polizzi in 1996 – saw turnover grow from £173 million to £194 million in the year ending April 30, 2017.
Profits dipped slightly from £8.1 million to £7.6 million.
The group owns hotels in Italy, Russia, Germany and Belgium as well as Brown’s Hotel in London and the Balmoral in Edinburgh.
It also owns £1,500-a-night luxury golf and spa resort Verdura in Sicily, which earlier this year hosted Google’s annual summer gathering LUXURY: The Balmoral in Edinburgh attended by celebrities, dignitaries and top business people including Lakshmi Mittal, Prince Harry, Elton John and Emma Watson.
A £2.5 million dividend – up from £2 million the previous year – was paid out to shareholders including members of the Forte family and Italian State-owned fund FSI which has a 20 per cent stake.
The strength of the euro, and to a lesser extent the Russian rouble, against sterling during the high season boosted the figures, but last year’s terror attacks in Brussels and Paris put off some potential visitors.
During the year the group invested £10 million which included a refurbishment at the Balmoral.
This year marks the 20th anniversary of the hotels group, set up by Sir Rocco to rebuild the family empire after Forte plc fell to Granada in a hostile takeover bid.
Earlier this year his son Charles joined the company. Sir Rocco told The Mail on Sunday that Charles will be working in the development department ‘on expansion plans in Europe and beyond’.