Peel Hotels secures extended loan with Royal Bank of Scotland
Peels Hotels has secured an extended loan after announcing a net debt of £12.3m (US$19m, €14.4m).
The hotel chain - which owns nine hotels across the UK - has seen a modest rise in Revenue per available room (Revpar) and room rate, providing stability for the regional group over the next four years.
Revpar and average room rate both increased by 2.3 per cent, but occupancy remained at the same level.
Gross profit before depreciation and group administration increased 6.7 per cent to £2.4m (US$3.7m, €2.8m) over the year ending February 2013.
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