22nd Jan 2015 09:52
LONDON (Alliance News) - Action Hotels PLC Thursday said its 2014 gross operating profit from all its operating hotels across its portfolio was up more than 20% year-on-year, boosted by an increase in revenue per available room and and an increase in room count.
In a trading update, the Middle East-focused hotel developer said the profit increase reflects its focus on revenue management and increased efficiencies.
It said that its six operational hotels, including the Holiday Inn Muscat hotel in Oman, delivered strong performances with revenue per available room for the year increasing by 3.7% to USD84, up from USD81.
"Both Kuwaiti hotels delivered average occupancy for the period in excess of 80% and across the portfolio occupancy levels continue to be in line with management expectations," the company said in a statement.
Action Hotels said the total current operating room count is 1,488, a 32% increase on hotel stock. It said it has a pipeline of a further eight hotels, which would take the total room count to 2,835 by 2017.
The company said it will announced its full-year results in April, when it also will declare its final dividend.
Action Hotels shares were down 1.9% at 57.40 pence Thursday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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