The 250-room hotel, which houses 10 restaurants, 17 bars and lounges and a members-only spa, posted revenue of a little over £34.2 million ($40.4 million) in 2021.
That’s less than half what it was in 2019, when the property, part of the Membership Collective Group, saw almost £77.3 million.
The average room occupancy for the massive property that was the coolest club in town when it opened in 2017 was only 32%, compared to 85% in 2019. The cost of staying at the hotel went up modestly; the average nightly rate was £324 last year, compared to £301 three years ago.
The Ned’s numbers are, unsurprisingly, better than they were during 2020, when the City was largely deserted, and the hotel’s revenue was just over £24.6 million.
Earlier this month, Membership Collective Group, which owns Soho House, announced its second-quarter results, with revenue of just over £205 million, almost double the preceding year.
They were able to grow revenue almost 100% year-over-year, driven by continued strong membership growth, as well as recovery of our in-house and other revenues, said Nick Jones, founder and CEO of Membership Collective Group, in a statement.
As part of that expansion, the Ned NoMad opened in July in New York, following the formula of hotel and Soho House-style members club.
By the end of the year, the Ned Doha is slated to open, but not necessarily in time for the FIFA World Cup, which starts on Nov. 20.
Meanwhile, the Ned faces competition from a slew of other new luxury hotels including the Twenty Two hotel and members club that boasts four bars in Mayfair and the Peninsula, which is slated to open in early 2023 in Belgravia.
