The owners of St Michael’s Hotel in Falmouth, Cornwall, have announced a strong performance in the financial year ended 31 March 2022.
The four-star resort, which reopened in September 2018, recorded an increase in revenue that saw it return to profit. Turnover for the year was £8,582,873 growing from £3,105,505 in the previous year, while the company recorded a profit before tax of £680,635 (2021: loss of £1,401,072). Pre-pandemic, the business turned over £7,537,285.
The resort features 84 bedrooms, a spa, two restaurants, a bar and tropical gardens.
According to Propel, the chairman and co-owner Nigel Carpenter embarked on a journey to turn what was a tired seaside hotel around in the early 2000s. Seeing potential in its location overlooking Gyllyngvase Beach, he undertook a total refurbishment and then raised a £50m investment in a partnership with James Houlston, of BH Hotels.
Carpenter said: “The core hotel business has remained strong this year with occupancy levels remaining high. Significant growth in the spa and health club facilities have helped establish St Michael’s as a dominant competitor in the south-west, while this year saw the opening of the Liner Apartments, which bring in an additional revenue stream.”
