Apex expanding in London

APEX, the Scottish hotels group, has continued its expansion south of the Border, buying a third site in London for £30 million.

The Edinburgh-headquartered firm plans to invest a further 30m in transforming the building, situated near Fleet Street, into a four-star, 184 bedroom hotel.

When it opens next summer, the site will become the first hotel in one of London's Inns of Court. Apex bought the Serjeants Inn from the ancient law society, the Honourable Society of the Inner Temple.

The company hopes the hotel's position in the heart of London will attract business travellers in particular.

The Scots firm made its first foray into the London market in 2005. It owns a hotel in the Square Mile and one at London Wall.

Angela Vickers, managing director of the Apex Hotels Group, said the company had been keen to take advantage of favourable commercial property prices in London but was unlikely to make any further acquisitions in the capital in the near-term.

"It is a particularly good time to buy but with the 60m investment we have probably exhausted our capacity for funding at the moment."

In Scotland, the company operates five hotels, including the Apex City and Apex International in Edinburgh's Grassmarket and the Apex City Quay Hotel & Spa in Dundee.