Midland Hotel owner loses almost £60m despite sales nearly doubling

The owner of one of the most luxurious hotels in Manchester lost almost £60m despite its turnover nearly doubling, new documents have revealed.

The Midland Hotel in the city centre is run by Leonardo Hotel Management (UK) after it was sold to its owner, Fattal Hotels for £115m in 2018. Leonardo Hotels recently rebranded its Jurys Inn sites and now counts over 50 hotels among its portfolio.

As well as the Midland, the company runs two other Leonardo hotels in Manchester and is on the lookout for future sites in the city. Fattal Hotels was founded by David Fattal who built a fortune of around $1.3bn after setting up his hotel chain in 1998.

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Newly-filed documents with Companies House have revealed that Leonardo Hotel Management (UK) posted pre-tax losses of £58m for 2022 after also losing £52.3m in 2021. However its turnover jumped from £149.2m to £290.2m over the same period.

The group has hotels in the North West, North East, West Midlands, London, South West and Scotland and increased its headcount from 2,349 to 3,092 in the year. The Midland Hotel was recently in the spotlight when it hosted senior Conservative politicians during the party's annual conference which was staged at nearby Manchester Central.

A statement signed off by the board said: "The large increase in turnover versus prior year represents the huge rebound in business on the back of the Covid pandemic in the two previous years as customers began to travel and stay away from home once again. Whilst there still remained challenges in the first quarter of 2022 regarding Covid, the company