Financial Results

Brussels. "The global recession continues to impact the hotel market and industry RevPAR in Europe fell more than 20% in the first six months of the year compared to the same period in 2008," comments Kurt Ritter, President and CEO of The Rezidor Hotel Group on the half-year results 2009. During the second quarter, the market showed signs of stabilisation in occupancy decline, while room rates continued to drop further.

Paris. In the first-half 2009 Accor's revenue is down 8.1% like-for-like
In a severely deteriorated economic environment, hotels revenue continued to decline, contracting 11.4% like-for-like.

Cologne. "The situation is tense but under control," said Elke Schade, Managing Director of Dorint GmbH, right at the beginning of the annual press conference on Wednesday in Cologne. The year 2008 concluded with an increased gross operating profit of 6.8% in comparison to 2007. The crisis mainly affected the Dorint Hotels abroad in the first five months of 2009, and therefore the GOP decreased by -6.9% at the end of May compared to the same period in 2008. Concerning individual operative figures, Dorint Hotels & Resorts are no worse off than other national or international hotel groups. One problem of the young hotel company, which was re-founded three years ago, is still the exorbitant the inflexible lease agreements. Four times in a row, there have been talks with the owners in order to obtain lease reductions. Measures have been undertaken to be able to meet the crisis on a daily basis. Schade does not wish to give an economic prognosis for 2009. But Dirk Iserlohe, Managing Director of Dorint's parent company E&P Holding in Cologne, gave a separate, detailed interview for hospitalityInside.com.

Utrecht. By July 1, 2009, the Dutch law firm dealing with the insolvency proceedings of Golden Tulip will come to a decision. It seems that four parties have applied for continuation of company operations.

Interlaken. The President of the Administrative Board of Victoria-Jungfrau Collection, Peter Bratschi, could breathe a sigh of relief after the shareholders meeting on 22nd May. The 661 shareholders attending the 114th  GM in Interlaken represented 80.8% of total share capital of 28 million CHF. All motions were approved and the mood was lively, in spite of the crisis.

Zurich. Dolder Hotel AG, to whom Dolder Grand and Dolder Waldhaus belong, generated a turnover of 44 million Swiss francs last year, but also had to face a net loss of 22.9 million francs.

Palma de Mallorca/Madrid. Spanish hotel companies Sol Meliá and NH Hoteles announced first quarter losses in 2009 compared to same period in 2008. Both started strict cost management measures and try to optimize their financial situation. While Sol Meliá signed a syndicated loan and a mortgage loan, NH plans a capital increase. Both stay optimistic. While Sol Meliá still earns little money, NH loses a lot of money.

Hamilton, Bermuda. Orient Express Hotels, owners or part-owners and managers of 51 luxury hotels, restaurants, tourist trains and river cruise properties operating in 25 countries announced a net loss of 14,6 million USD during the first quarter ended March 31,2009. The disposal of non-core assets shall help.

Wiesbaden. Groupe B&B Hôtels looks back at a successful 2008. The French chain which includes the German subsidiary of B&B Hotels GmbH, managed to increase its revenues by 7.8 percent to 162 million euros compared to 2007.

Wiesbaden. The first quarterly figures do not augur well. In particular, the upper segment chains are struggling with massive declines in sales, but lower segment hotels do not come out completely unscathed either. The industry reacts towards the ill tidings with drastic saving measures. Nonetheless, the thrive for expansion is hardly dampened. A summary.