THE owner of Bradford’s historic Midland Hotel enjoyed a profits surge in 2014 and has pledged to continue upgrading the city centre venue.

Robert Peel, chairman of Peel Hotels, said the Midland was winning market share from rivals and benefitting from a large upturn in room occupancy.

“The provincial hotel business goes in cycles and at present we’re at the top of the cycle. We should enjoy the ride while we can,” said Mr Peel, who announced the business achieved a 180.6 per cent surge in pre-tax profits in the year to February 1 to £959,403 against £341,863 a year earlier.

The City of London-based entrepreneur said the Westfield development had transformed confidence and business prospects in Bradford and the Midland’s close proximity to the new retail centre would boost future prospects.

He said: “Occupancy at the Midland has risen a lot in the past year and we have plans to continue investing in the venue. It is particularly satisfying to be winning business off our competitors.

“Bradford is in a great place at present with local small firms leading the export race. according to a FedEx report this week. Work on the retail development is also moving things along greatly.

“But I would repeat my call for the local authority and property owners to ensure the streets are kept clean and tidy. In Paris they wash the streets every day and it’s important to create a good first impression.”

Peel Hotels, which operates eight UK venues, including the Cosmopolitan Hotel in Leeds, described it’s 2014-15 performance as ‘a creditable improvement’.

Hotel revenues grew by 6.1 per cent to £16.45 million, against £15.5 million. Operating profits were up by 56.5 per cent to £1.45 million from £929,627.

Peel, which reduced net debts by £821,990 to £10.87 million expects to pay a dividend of 1.5p a share. Mr Peel is taking a salary for the first time since 2008.

He said: “Sustained improvement in turnover has continued in the new financial year and we continue to pay down our debt.

“These two factors will enable us to look forward to another year of progress.”

Revpar (accommodation revenue per available room) increased by 9.9 per cent with occupancy up by 8.9 per cent and the average room rate one per cent higher.

Capital expenditure on hotels rose from £519,328 to £603,295, including on new boilers and continued bedroom refurbishment at the Cosmopolitan. Peel is also providing free internet access across its hotels.

Peel unveiled its results as new analysis revealed that Bradford hotels had enjoyed a ‘stellar’ year in 2014.