Balance Sheets since 2023

Augsburg. Design Hotels are back to growth in the first half of this year, Sol Meliá reports a significant higher profit, and Orient-Express Hotels' losses could be reduced. In general, the first six months 2010 showed positive signs for all three groups.

Augsburg. Several hotel groups reported their results of the second quarter or the first half 2010 in the last two weeks. Here are the figures of Choice, NH Hoteles, Rezidor, Starwood and Wyndham Hotels - ranging from flat to extremely successful results.

Paris. Last Tuesday, Accor published its revenues for the first-half 2010. Revenue totalled 2,849 million Euro, up 6.1% over first-half 2009 on an adjusted basis and 4.7% at comparable scope of consolidation and exchange rates.

Bad Ragaz. The opening of the Grand Resort Bad Ragaz in 2009 took place during the globally largest economic crisis since the end of the twenties. Although only part of the hotel's capacities were available at the beginning, and the Tamina Therme only opened in the middle of 2009, the Grand Resort Bad Ragaz AG achieved the 100-million franc margin for the first time with a consolidated 100.5 million CHF.

Vienna. The Falkensteiner Michaeler Tourism Group based in Vienna, to which Falkensteiner Hotels & Resorts belongs, presented its annual results last Wednesday in Vienna. The background: The company intends to become more transparent for investors and equity partners. Accordingly, it will convert to an "AG", an Austrian stock corporation. This brings personnel changes at the top level of management. The group ends 2009 positively. Six new contracts have recently been signed and a further four are imminent.

Munich. One Hotels & Resorts AG, Munich unites the low budget design hotels of the Motel One brand as well as three resort hotels. Their performance is varied. Now, results for 2009 have been reported.

Munich. The lease accounting reform under IFRS is scheduled to come into force in 2012. "This has serious consequences for the hotel industry!" Wolfgang M. Neumann forecasts, CEO of Arabella Hospitality Group in Munich. After all, leasing transactions also include lease contracts for hotels. The new directives will change operating and accounting ratios, which in turn may worsen the hotel's position in credit negotiations. "Classic lease relationships, which under existing rules fall subject to off-balance-sheet accounting, will thus meet limits and will make it more difficult for hotel companies to sign lease agreements," Neumann concluded. Do the planned new rules under International Financial Reporting Standards, mean the "end" for the lease contract?

Berlin. "We only sign management agreements!" This sentence has been repeated by many hotel chains lately. The global players want to force franchise agreements or management agreements. However, this is not very popular amongst investors, especially in Germany. They still prefer lease agreements with stable cash flows and solvent lessees. Developers also prefer hotel projects with lease agreements as they can be financed and placed more easily ... The polarisation is becoming more obvious now. How is an approach possible? Union Investment, a funds investment company and active hotel investor, is interested in lease agreements and recently issued an invitation to a mini round table together with hospitalityInside.com. At the table: Dr. Frank Billand and Martin Schaller of Union Investment, Project Developer Olaf Steinhage and Developer Ulrich Widmer of Hilton Worldwide.

Munich. After the crisis year 2009 Choice Hotels Germany & Central Europe reports that the 4-star properties suffered most while the midscale hotels only registered a slight fall in prices.

Interlaken. The 5-star hotels Victoria-Jungfrau Collection in Interlaken, Lucerne, Zurich and Berne were strongly affected by the economic downswing in 2009. Therefore, there will be no dividends.