Fairmont Back in Black for Q4
TORONTO, Ontario, February 27, 2006. Fairmont Hotels has said higher revenue per available room helped it to return to profit in the fourth quarter. The luxury hotelier earned $68.4 million for the quarter ending December 30
This figure is up from a loss of $4.4 million in the year-before period. The largest luxury hotel chain in North America's revenues rose 41 percent to $232 million in the quarter from $165 million. Meanwhile, revenue per available room rose 11.8 percent. For the year, Fairmont earned $168 million compared with $156 million in 2004.
Last month, Fairmont, accepted an offer from Saudi billionaire Prince Alwaleed bin Talal and U.S. fund Colony Capital. Fairmont owns and operates more than 80 hotels in North America, Britain, Kenya and the United Arab Emirates.
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