Derby Hotels will invest another 8 million to complete the renovation of its London hotel.

BarcelonaThe Derby Hotels Collection group will invest approximately 7 million pounds (approximately 8 million euros at the current exchange rate) in the second phase of the renovation of its London hotel, The Caesar. In a meeting with journalists, the group's general manager, Joaquim Clos, explained that this second phase of the renovation should begin in mid-November and that the work has a completion period of approximately 14 months. In the first phase of the renovation, this family-owned group has invested approximately 11 million pounds.

Clos stated that the group, which had a turnover of 88 million last year, expects to grow between 1% and 2% in revenue this year, compared to the 5% initially estimated, and that gross operating profit will increase at a faster pace, reaching between 15 and 20 million pounds. After selling its Paris property, the Hotel Banke, for €97 million in July, the company is interested in expanding its presence in more European cities, particularly Lisbon. However, the challenge is finding suitable real estate, as the company bases its business on owning its hotel buildings. The sale of the Paris hotel has made it possible to easily finance the renovation of the London hotel and, at the same time, reduce the debt generated by COVID-19 to the low levels at which the company feels comfortable.

The hotel group, which has 12 hotels—nine in Barcelona, ​​​​with Claris as its flagship; two in Madrid, the Urban and the Villa Real; and one in London, The Caesar—also has nine tourist apartment buildings, all located in Barcelona and Hospitalet, with a total of 1,200 rooms. It is also preparing to open a new aparthotel in Hospitalet de Llobregat, in the Plaza Europa area, next to Plaza Europa.