According to documents filed with Companies House for the year to 31 December 2018, Dorchester Collection, whose UK portfolio includes The Dorchester and 45 Park Lane in London and Coworth Park in Ascot, Berkshire, reported revenue of £411.2m, an increase on £384.4m the previous year, and pre-tax profit of £28.5m, up from £24.6m in 2017.
However, the group said it expects to see “a downturn in current levels of business” given “the current acute political and economic uncertainty in the UK and continental Europe and the reactions to recent legislative changes in Brunei”.
Brunei was set to introduce laws making gay sex and adultery punishable by stoning to death, although backtracked on enforcing the laws in May. The Dorchester Collection is owned by the Brunei Investment Agency, the sovereign wealth fund of the Sultan of Brunei.
The news regarding the new laws in April was followed by calls for a boycott of the company’s nine global hotels. The company was previously hit by a boycott by prominent members of the fashion, media and travel industries following the implementation of a series of harsh Islamic laws by the Sultan in 2014.
The group also reported hotel occupancy of 76%, up from 73.8% last year, while the average room rate increased from £602 to £633 and revenue per available room (revpar) increased from £444 to £481.
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