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Hilton group hotels suffer 31% profits slump
Hotels in the Hilton group suffered a £65 million downturn in profits last year – with properties in European capitals particularly badly hit. The company blamed the Iraq war, SARS, the continued threat of terrorism and economic decline on the 31% slump from a profit of £212 million in 2002 to £146 million last year. “We are not alone in facing tough times, but with strong brands and strong management we are better equipped than most to cope,” said chief executive David Michels. “Following travel trends, we focused marketing locally rather than internationally and as a result occupancy held up surprisingly well. Rate, however, was challenging and we have faced cost pressures from insurance, energy costs and, in some cases, union-led wage increases.” Looking forward, Mr Michels gave a cautious outlook, saying: “There are some signs of gradual recovery emerging in the hotel sector but we need to see an upward trend in our key markets for some months to restore confidence and strengthen rates.” He said that technology was playing an increasing role in the hotel industry. As a result, Hilton has opened a series of local language websites focussing on its four largest source markets. “By driving bookings through our websites, we give customers easy access to the full range of Hilton brands and guaranteed best room rates,” added Mr Michels. The company opened 14 hotels in 2003 and plans a further 37 in the next two years. Report by Phil Davies
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