9th Oct 2006 11:23
Lonrho Africa PLC09 October 2006 LONRHO AFRICA PLC ("Lonrho" or "the Company") LONRHO'S HOTEL CARDOSO TURNS ROUND PERFORMANCE Lonrho announces that the Hotel Cardoso ("Hotel") in Mozambique has recorded itsbest year's trading for eight years, due to higher levels of revenue, occupancyand average room rates. Lonrho owns 59 per cent. of the Hotel including themanagement contract. For its financial year ended 30 September 2006, revenues were up by 15 per cent.as a result of a 9 per cent. increase in occupancy levels to 53 per cent.,combined with a 14 per cent. growth in average room rate achieved. Thesefactors, coupled with strong cost control, have resulted in the enhancedperformance. During its latest financial year, the Hotel has spent US$320,000 on capitalimprovements which included, inter alia, the upgrading of public area airconditioning, carpeting, landscaping, lift refurbishment, a new gymnasium andwireless internet throughout the Hotel. As part of the commitment to improve and expand the Hotel's facilities, afurther US$750,000 will be spent in the current financial year on therefurbishment of all Hotel bedrooms and major improvements to its conferencefacilities. In addition, the Hotel is seeking to acquire land adjacent to its existingpremises, which will enable further expansion of the Hotel's facilities in thefuture. "The Hotel Cardoso's improved performance fully justifies the Company's decisionnot to dispose of this asset. With the firm backing and commitment of the Boardof Lonrho, we expect the Hotel to continue to maintain its position as one ofthe finest hotels in Mozambique," said David Lenigas, Lonrho's Joint ExecutiveChairman and Chief Executive Officer. End For further information, please contact: Lonrho Africa Plc +44 (020) 7016 5105David Lenigas, Chief Executive +44 (0)7881 825 378Emma Priestley, Executive Director +44 (0)7867 785 177 Strand Partners Limited +44 (0)20 7409 3494Simon RaggettMatthew Chandler Cardew Group +44 (0)20 7930 0777Nadja Vetter +44 (0)7941 340 436Eden Mendel +44 (0)7887 676 603 Notes to Editors: Lonrho is in the process of re-establishing a significant presence on theAfrican continent. Its investment and acquisition strategy, which was adoptedfollowing the appointment of David Lenigas as Chief Executive in December 2005,focuses on the natural resources, infrastructure, leisure and agribusinesssectors. Lonrho's executive team has considerable experience across theseindustries in a wide range of countries. This year, the Company has announcedinvestments in Brinkley Mining Plc, Nare Diamonds Ltd and Luba Freeport inEquatorial Guinea. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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