Consultant founded by four former JLL directors also expects to increase staff number to 80

Money

Project and cost management firm Tower 8 is on track to hit 拢9m turnover in only its fifth year of trading, the firm has revealed.

Tower 8 鈥� which was founded in 2011 by former JLL directors Simon Craven, James Morris, Adam Mursal and Toby Wait 鈥� is on track to turn over 拢9m in its current financial year to May 2016, up from 拢8.3m last year.

Morris told 黑洞社区 the firm expects to grow from around 50 staff today to up to 80 strong.

The firm has focused on hotels work, picking up major projects such as the refurbishment of the Lanesborough hotel in Mayfair 鈥� part of the Oetker Collection, while also working in the commercial office, mixed-use and residential sectors, particularly focusing on private rented sector projects.

Currently the firm is working on Amsprop鈥檚 seven-storey Alderman House development on Bishopsgate and is managing a capital expenditure portfolio for Marriott hotels.

Mursal said the firm is expecting a 鈥渕assive push鈥� in the hotel sector over the next few years after a quiet period for five to six years where hotels 鈥渄idn鈥檛 spend much money鈥�. He said the three-star hotel market was also 鈥渂ooming鈥�.

A number of overseas hotel brands are also looking to enter the UK market, Mursal said, such as boutique US brand The Standard and Ikea鈥檚 Moxy. Moxy, the millennial-focused brand that debuted in September 2014, is looking to expand into the UK with three hotels in London and one in Aberdeen by the end of this year.

There is, however, a 鈥渓ot more work around risk management and value engineering鈥� involved in the work Tower 8 is doing, Morris said, adding that it is taking 鈥渓onger to satisfy [clients] before getting [projects] off the ground鈥� as the industry is so busy at the moment.

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