Cliveden came to the stock market earlier this year with the aim of developing a chain of exclusive hotels based on the stately home formerly owned by the Astor family. The group said Cliveden had raised room rates by an average of 5.5 per cent to pounds 245 since 1987, compared with just 1.7 per cent to pounds 113m at the Royal Crescent over the past nine years. But it had confidence a "material increase" in room rates could be achieved following a refurbishment to be completed by next autumn. Cliveden's shares were unchanged at 74.5p yesterday.
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