Belmond Ltd. reports first quarter 2018 results
Net losses attributable to Belmond Ltd. of $15.0 million, compared with net losses of $18.1 million for the prior-year quarter |
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Belmond Ltd. reports first quarter 2018 results
Net losses attributable to Belmond Ltd. of $15.0 million, compared with net losses of $18.1 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 2018-05-11
- Adjusted net losses from continuing operations of $18.3 million, compared with adjusted net losses of $16.8 million for the prior-year quarter
- Adjusted EBITDA loss of $2.2 million, compared to an adjusted EBITDA loss of $0.5 million for the prior-year quarter. On a constant currency basis adjusted EBITDA was up $0.6 million compared to the prior-year quarter
- Same store revenue per available room (“RevPAR”) up 10% from the prior-year quarter; up 7% on a constant currency basis
Belmond Ltd. (NYSE: BEL) (the “Company”), owners, part-owners or managers of 46 luxury hotel, restaurant, train and river cruise properties, which operate in 24 countries, today announced its results for the first quarter ended March 31, 2018.
Roeland Vos, president and chief executive officer, remarked: “I am encouraged by the performance posted in the first quarter. This is seasonally our smallest revenue-generating period, and with two of our properties closed that would normally contribute, the reported results came in slightly behind the prior-year quarter. That said, same store RevPAR growth of 10% serves as a helpful indicator of our performance across the remainder of the portfolio, and on a constant currency basis this translates to growth of 7%, which is slightly ahead of the guidance we provided earlier in the year.
Our underlying operational performance remained strong, as we continued to build on the solid foundations that were put in place last year. Excluding the two properties that were closed, Belmond La Samanna and '21' Club, both revenue and adjusted EBITDA were ahead of the same period last year by 9% and 22%, respectively.
As we look ahead, confirmed bookings for the remainder of the year are being secured at a faster pace than last year for almost all of our properties. We believe this acceleration is being fueled by the enhancements we have made to our commercial operation, as well as the strategic reinvestments we have made to improve our existing portfolio. As brand momentum continues to build, and with our new website in place, we expect all of these factors to be key drivers of our organic growth, particularly in the seasonally significant second and third quarters.
Meanwhile, we have maintained our focus on the execution of our long term strategic plan, which includes footprint expansion. To that end, we were pleased to announce the acquisition of the stunning historic Castello di Casole in rural Tuscany earlier this quarter, and look forward to assuming management control of the resort in May.
For all of these reasons, and bolstered by our ongoing marketing and PR initiatives, I feel confident about the year ahead. We are maintaining our guidance for full year 2018 same store, constant currency RevPAR growth for our owned hotels of between 2% and 6%, with additional revenue upside in our trains and cruises businesses. We expect to finish 2018 with full year adjusted EBITDA of between $140.0 million and $150.0 million, representing growth of between 13% and 21% over last year."
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