Apex Hotels reported that profits edged up as group revenue increased by 21% year-on-year to £96m, driven by major acquisitions including the purchase of the historic Dunblane Hydro Hotel in late 2024. Apex relaunched the hotel, one of Scotland’s original hydropathic hotels dating from the Victorian period, in late November this year and is currently investing in a major refurbishment of the property to preserve its historic “grandeur” while modernising rooms and conference and public areas.

The company’s acquisition of Dunblane Hydro came shortly before Apex purchased The Vineyard Hotel, a five-star country house hotel and spa in West Berkshire, with those deals following the acquisition in recent years of Meldrum House Country Hotel and Golf Course in Aberdeenshire, and the Pine Trees Hotel in Pitlochry.

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However, Apex Hotels said profit conversion had been “adversely impacted” by winter trading from assets acquired in the latter half of its most recent financial period. It noted that this would be addressed by “refurbishment and repositioning of these assets in the coming year”.

Apex has moved in recent years to add to its long-established hotels in city centres such as Edinburgh, Glasgow, London, and Bath with properties in country locations. The Pine Trees, Meldrum House and The Vineyard form part of the company’s Monogram Collective brand.

During its most recent financial year, Apex completed the refurbishment of 32 bedrooms at the Pine Trees in the autumn of 2024 as it continued to invest in its existing properties. It refurbished the restaurant, bar, and reception areas on the ground floor of its hotel in Waterloo Place, Edinburgh, and plans are in place for a full refurbishment of The Vineyard, which will include expanding the number of bedrooms on site.

Ian Springford, chairman of parent company Apex Hospitality Group, said: “The last two years have been pivotal in reshaping the portfolio and lay the foundations for future growth. Our core Apex Hotels brand continues to perform, despite the tough trading conditions, and we are delighted to add the Apex Dunblane Hydro to the portfolio.

“And with the acquisition of Meldrum House Country Hotel at the end of last year, together with The Vineyard hotel in Newbury, we extend our guest offering by bringing together destination rural properties under the Monogram Collective brand.”

The accounts show that Apex Hotels employed an average of 981 during the period covered by its most recent accounts, up from 843 the year before.

Earlier this month, the company announced that the Dunblane Hydro would end its long-standing collaboration with celebrity chef Nick Nairn in March, after reaching a “mutual decision”. Mr Nairn has run the Kailyard Restaurant at the hotel for 16 years.

Apex credited the chef with playing a “defining role in shaping the restaurant’s reputation for outstanding Scottish cuisine and celebration of local produce”. The company plans to reimagine the restaurant at Dunblane Hydro with a “refined concept, new name and fresh new look, aligned with its long-term vision for the hotel”.