United Kingdom
United States
Asia Pacific
Rezidor reports strong first quarter
Rezidor has reported a strong first quarter in 2008, despite a slowdown in the economy.
It said after adjusting for the negative impact of the early Easter break, the group showed a robust development of both revenue and EBITDA, compared to the first quarter of last year.
“As Rezidor’s revenue is strongly driven by business guests in the Nordics and the rest of Western Europe we were heavily impacted by the Easter holidays, as foreseen,” said president and CEO Kurt Ritter.
“Rezidor’s markets are in Western and Northern Europe as well as the emerging markets in Eastern Europe and the Middle East, where the economic activity has been relatively strong.
“Despite slowing activity in the US and fear of a global slow-down, the hotel industry in our markets continued to grow in the beginning of the year.”
He said in order to secure profitable growth, Rezidor would continue to focus on expanding through fee-based contracts.
In the first quarter of this year, it opened 1,000 new rooms, all of them under managed or franchised fee-based contracts.
“We are aware of the turmoil on the financial markets and the continued uncertainties surrounding the global economy, which make it difficult to predict the market outlook for 2008,”Ritter added.
“We are confident of achieving our target of adding 20,000 rooms to operations from 2007 to year-end 2009, and believe that the ongoing shift in our business model driven by more fee based revenue will continue to support our EBITDA margin target.”
By:Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Boy falls to death on cruise ship
Turkish Airlines flight in emergency landing after pilot dies
Unexpected wave rocks cruise ship
Woman dies after going overboard in English Channel