Mövenpick Hotels & Resorts Fiscal year 2007
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Mövenpick Hotels & Resorts Fiscal year 2007
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2008-04-08
For the fifth consecutive year, Mövenpick Hotels & Resorts (MH&R) has reported consistently strong earnings growth and once again achieved a very positive operating result in fiscal 2007. With overall sales of CHF 831.2 million (prior year: CHF 696.8 million), MH&R was able to improve its EBIT (Earnings Before Interest and Taxes) result by 53 % relative to the prior year (CHF 8.7 million) to CHF 13.3 million.
The group’s EBITDA (Earning Before Interest, Taxes, Depreciation and Amortization) result improved by CHF 5.9 million or 33 % to CHF 23.7 million. In addition to the opening of eight hotels, management agreements were signed for a total of 16 new projects last year.
The favourable economic environment and good consumer climate led to business growth and profitability, above all of the European hotels. Mövenpick Hotels & Resorts continues to forge ahead with the expansion plans. The group celebrated eight new hotel openings during 2007: in Doha (Qatar), Kuwait, Buraydah (Saudi Arabia), Bodrum (Turkey) as well as in Hamburg and Stuttgart (both in Germany). The new Mövenpick M/S Royal Lily and Mövenpick M/S Prince Abbas celebrated their maiden voyages in Egyptian waters. At the end of last year, the portfolio comprised 62 hotels and 13’923 rooms.
In addition, 16 new management agreements were signed: for Turkey, Egypt, Oman and the United Arab Emirates, for Singapore and Pattaya (Thailand) as well as for Hanoi and Ho Chi Minh (Vietnam). Currently, Mövenpick Hotels & Resorts has a total of 30 projects in the development or construction phase and is thus well on the way to reaching its stated target of expanding its portfolio to 100 hotels and resorts worldwide by 2010.
Last year, the group’s high level of customer satisfaction was once again reflected by the improved guest comments on quality, as well as by the receipt of numerous international prestigious awards. Various hotels were renovated or upgraded in order to meet the continually increasing quality demands of the guests. With regards to high quality requirements, Mövenpick Hotels & Resorts accepts no compromises.
“Our positive financial results are a reflection of our long-term objectives and commitment to deliver continuously high levels of product quality and service to our customers and guests, while we continue to grow the company further in our core markets Europe, the Near and Middle East, in Africa and Asia”, said Jean Gabriel Pérès, President & CEO of Mövenpick Hotels & Resorts.
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