Belmond Ltd. Reports First Quarter 2015 Results (United States)
- First quarter same store revenue per available room (“RevPAR”) up 9% in local currency over prior-year quarter
- First quarter total revenue of $99.1 million, down 3% from prior-year quarter
- First quarter total adjusted EBITDA of $4.3 million, up $3.6 million over prior-year quarter
- Announced $75.0 million share repurchase program in March 2015 |
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Belmond Ltd. Reports First Quarter 2015 Results (United States)
- First quarter same store revenue per available room (“RevPAR”) up 9% in local currency over prior-year quarter
- First quarter total revenue of $99.1 million, down 3% from prior-year quarter
- First quarter total adjusted EBITDA of $4.3 million, up $3.6 million over prior-year quarter
- Announced $75.0 million share repurchase program in March 2015 |
Category: North America & West Indies / Carribean islands - United States - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2015-04-30
Belmond Ltd. (NYSE:BEL) (the “Company”), owners, part-owners or managers of 45 luxury hotel, restaurant, tourist train and river cruise properties operating in 22 countries, today announced its results for the first quarter ended March 31, 2015.
Total revenue in the first quarter of 2015 was $99.1 million, down $2.7 million or 3% from $101.8 million in the first quarter of 2014. Total revenue was negatively impacted by the depreciation of most of the Company's functional currencies against the U.S. dollar, which contributed to an $8.3 million decrease in reported revenue for the first quarter of 2015. Excluding the impact of currency movements, total revenue in the first quarter of 2015 increased $5.6 million or 5% over the first quarter of 2014.
Total hotels revenue for the first quarter was $89.6 million, an increase of $0.7 million or 1% over $88.9 million in the first quarter of 2014. Total hotels revenue for the first quarter of 2015 was negatively impacted by $7.9 million as a result of currency depreciation. Excluding the impact of currency movements, total hotels revenue in the first quarter of 2015 increased $8.6 million dollars or 10%. Total hotels revenue in the current-year quarter benefited from a $2.3 million increase at Belmond Miraflores Park, Lima, Peru, which was closed for renovation for the first quarter of 2014, partially offset by a $1.3 million decrease in revenue for Inn at Perry Cabin by Belmond, St. Michaels, Maryland, which the Company sold in March 2014. Excluding currency movements, Belmond Miraflores Park and Inn at Perry Cabin, total hotels revenue for the first quarter of 2015 increased $7.6 million or 9% over the first quarter of 2014.
Same store RevPAR for owned hotels in the first quarter of 2015 increased 9% in local currency over the prior-year quarter as a result of an 8% increase in average daily rate ("ADR") and a 1 percentage point increase in occupancy. In U.S. dollars, same store RevPAR for owned hotels in the first quarter of 2015 was on par with RevPAR for the prior-year quarter. Same store RevPAR for the first quarter of 2015 excluded Inn at Perry Cabin, Belmond Miraflores Park and Belmond Eagle Island Lodge, one of the Company's three safari camps in Botswana, which is currently closed for renovation.
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