The Leading Hotels of the World, Ltd. Continues Strong Production for First Quarter 2008
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The Leading Hotels of the World, Ltd. Continues Strong Production for First Quarter 2008
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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 2008-05-12
Despite ongoing global economic volatility, The Leading Hotels of the World, Ltd. achieved strong production in the first quarter of 2008.
Continuing a solid trend through the first three months of the year, the company has generated hotel revenue USD 200 million. Internet sales are robust, with its online division – Leading Interactive Reservations – producing hotel revenue of USD 36.8 million. In the meetings and groups segment, Leading Group Sales has registered USD 22.5 million thus far for the year.
Average daily rate is also up across all three sectors over the previous year. ADR for The Leading Hotels of the World, Ltd. was USD 478 at the end of the first quarter, up USD 32 over last year. Through Leading Interactive Reservations, it has risen to USD 530, an increase of USD 51 over 2007. Leading Group Sales, posted a USD 86 increase in ADR, ending the first quarter at USD 421.
At the same time, roomnight sales totaled 329,379 for the first three months, while Leading Interactive Reservations posted an increase of 28% over last year reaching 69,423.
Company president and chief executive officer Paul M. McManus, commented, “Although there has been considerable upheaval in financial markets, Leading Hotels has maintained its steady growth trend thanks to the global nature of our business. We have benefited greatly by the vitality of emerging markets in the Middle East, Eastern Europe and Latin America – where the company established offices well before the regions began playing major roles on the luxury travel scene. The relationships we have carefully cultivated are yielding benefits.”
He concluded by saying, “Leading Hotels has been developing its brand and reputation over the past 80 years. It is that brand strength that engenders and sustains customer loyalty and confidence – even in unsettled times.”
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