Fraser's Hospitality, which owns and operates four apartment hotels in Australia as part of its global catalogue, has reported pre-tax losses for its UK branch of £90.8 million ($171.8 million.)
Fraser's Hospitality UK Holding's loss is a dramatic increase on the previous year's losses of just £187,000 ($352,920.) This is despite a broadly similar revenue - £144.6 million in 2018, compared with 2017's £144.9 million ($272.9 million versus $273.4 million.)
The group's director Guus Bakker attributed the loss to "some of the most challenging trading conditions seen for over a decade," in a report. However, he expressed confidence in the group's ability to "navigate through this period of economic uncertainty."
Fraser's Hospitality UK Holdings invested £20 million ($37.7 million) into its portfolio over the year and continues to seek new sites and properties across the UK. It's currently in negotiation around five more opportunities with openings scheduled for 2019 and 2020.
“The directors of Frasers Hospitality are mindful that the business is navigating some of the most challenging trading conditions seen for over a decade, in particular in the F&B sector," the group wrote in a further statement.
“However, the performance of the group’s overall portfolio has been resilient and allowed the business to remain focused on strengthening the competitive positioning of its hotels and F&B offerings.
“Our statements outline a clear aim of delivering operating efficiency and maintaining discipline over controllable costs while continuing investment in new and existing properties.”