London's prestigious Ritz hotel has accumulated losses exceeding £75m since it last reported a profit, recent disclosures have shown.
The opulent establishment recorded a pre-tax loss of £10m for 2023, according to accounts submitted over five months late to Companies House, as reported by .
This loss follows a deficit of £16.5m in 2022, £32m in 2021, and £27.3m in 2020, with the hotel's last pre-tax profit being £2.4m in 2019.
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The belatedly filed accounts for 2023 also indicate that The Ritz's turnover remained unchanged at £36m for the year.
The hotel is now due to submit its 2024 accounts by the end of September. However, timely submissions to Companies House have not been made since June 2022.
The five-star establishment was purchased by Qatari businessman Abdulhadi Mana Al-Hajri from the billionaire Barclay brothers for an estimated £700m in March 2020.
Despite ongoing financial setbacks, The Ritz distributed dividends totalling £255,000 during the year.
In a statement approved by the board, it was noted: "The level of business and financial position of The Ritz Hotel for 2023 was in line with the expectations."
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"It is the company’s intention to continue to increase its revenues by expanding its existing client base."
"The extensive development project that started in 2020 continued throughout the year."
"The future development of the project also includes the complete refurbishment of the existing building including guest rooms and suites and food and beverage outlets."
In August 2024, City AM revealed that Claridge’s Hotel experienced a surge in sales exceeding 20% in 2023, buoyed by a "strong" recovery post-Covid-19 and the fruition of a significant expansion project. The prestigious five-star establishment in London announced a turnover of £119.3m for the financial year, a substantial increase from £98.1m in 2022.
Additionally, the hotel's pre-tax profit soared from £2.2m to £7.2m.
Conversely, in the same period, City AM reported on the challenges faced by The Savoy Hotel amid heightened competition within London’s luxury hotel sector, with its pre-tax losses expanding during 2023. The iconic hotel disclosed a loss of £17.9m for the financial year, following a pre-tax loss of £12m in 2022.
The last occasion The Savoy Hotel posted a pre-tax profit was in the six months leading up to the end of 2006, amounting to £5.9m.