Belmond reports first quarter 2017 results
Net losses attributable to Belmond Ltd. of $18.1 million compared with net losses attributable to Belmond Ltd. of $1.6 million for the prior-year quarter |
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Belmond reports first quarter 2017 results
Net losses attributable to Belmond Ltd. of $18.1 million compared with net losses attributable to Belmond Ltd. of $1.6 million for the prior-year quarter |
Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2017-05-15
- Adjusted net losses from continuing operations of $16.8 million compared with adjusted net losses from continuing operations of $3.2 million for the prior-year quarter
- Revenue of $95.4 million, down $2.0 million or 2% from the prior-year quarter; down $7.0 million on a constant currency basis
- Same store revenue per available room (“RevPAR”) down 1% from the prior-year quarter; down 7% on a constant currency basis
- Adjusted EBITDA loss of $0.5 million, down $8.4 million from the prior-year quarter; down $11.3 million on a constant currency basis
- In April 2017, completed the acquisition of the Las Casitas del Colca hotel in Colca Canyon, Peru, through the Company's joint venture
- In May 2017, launched Belmond Andean Explorer in Peru, South America's first luxury sleeper train
- In May 2017, appointed Stuart Mason as senior vice president, commercial, revenue and distribution
- Maintains full year 2017 same store, constant currency RevPAR guidance
Belmond Ltd. (NYSE:BEL) (the “Company”), owners, part-owners or managers of 48 luxury hotel, restaurant, tourist train and river cruise properties, including one scheduled for future opening, which operate in 23 countries, today announced its results for the first quarter ended March 31, 2017.
Roeland Vos, president and chief executive officer, remarked: "Results for our first quarter of 2017, which is our seasonally lowest revenue-generating quarter, were in line with our expectations. As anticipated, we faced specific headwinds, in particular at our Brazilian hotels, which benefited from the lead-up to the Olympics in the prior-year quarter. We remain confident in our performance for the balance of the year, as the upcoming second and third quarters, which have historically represented approximately 80% of our annual adjusted EBITDA, are building up to show good year-over-year growth.
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