Improved Performance for Rezidor SAS
EUROPEAN UNION, February 10, 2006, Rezidor SAS Hospitality has reported earnings before taxes for 2005 of EUR31.6m on revenues of EUR587m.
The company generated group wide revenue of 587.0 MEUR as compared to 498.7 MEUR in 2004; an increase of 17.7 percent. Earnings Before Taxes (EBT) was 31.6 MEUR versus 4.2 MEUR in 2004. The key driver of the healthy financial performance is an 11 percent growth in the company's Revenue Per Available Room (RevPAR).
"Rezidor SAS is one of the fastest growing hospitality management companies in the world, offering a great portfolio of brands, as well as being a profitable business for our shareholders," said Kurt Ritter, president & CEO of Rezidor SAS Hospitality.
In 2005, the group signed 29 new hotel contracts (15 Radisson SAS, 13 Park Inn and one Lifestyle) totaling nearly 5,000 rooms. The company's strong business development strategy resulted in the opening of 21 new Park Inn hotels and 16 new Radisson SAS Hotels & Resorts across Europe and the Middle East. As of 2005, Rezidor SAS operates a portfolio of 263 hotels (including 46 properties under construction) encompassing approximately 50,000 rooms in 48 countries.
"One of our biggest assets is our growth strategy. We have grown by 16 percent this year in terms of number of rooms, which is the most significant organic growth in Europe in the industry," adds Kurt Ritter.
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