The Rezidor Hotel Group, the Brussels-based hotel management company, announces publication of its 2007 Financial Report, showing both a record profit and a record number of hotels signed in 2007.
The Rezidor Hotel Group's 2007 Financial Report shows that revenue for the year increased by 11 percent to 785.2 million Euros (MEUR), (approx. 1.1 billion U.S.). Earnings before interest, taxes, depreciation and amortization (EBITDA) for the full year amounted to 83.5 MEUR (approx. 123.7 million U.S.), showing an increase of nearly 40 percent over 2006. The EBITDA margin improved two percentage points to 10.6 percent, and pre-tax profits almost doubled to 63.9 MEUR (approx. 102.6 million U.S.), while profit after tax was up 58 percent, to 45.7 MEUR (approx. 67.7 million U.S.). The report also shows the record signing of 53 new hotels in 2007, representing a total of 8,937 rooms to be added to the Rezidor portfolio.
'Rezidor is proud to report a record profit and a record number of new hotels signed in 2007,' said Kurt Ritter, president & CEO of The Rezidor Hotel Group. 'The full year shows a robust increase in the EBITDA margin, in large part due to continued strong RevPAR development, growth in revenue fees from managed properties and improved margins at hotels in their ramp-up phase.'
Rezidor now features 322 hotels in operation and under development, with a total of 65,840 rooms. Highlights of 2007 include the signing of the 200th Radisson hotel in the EMEA, as well as the 100th Park Inn hotel in the EMEA. In 2007, Rezidor was also awarded prestigious J.D. Power Awards for the Radisson SAS Hotels & Resorts and Park Inn brands, with both brands ranking number one in guest satisfaction in the 2007 European Guest Satisfaction Index.
'Uncertainties surrounding the global economy make it difficult to predict the market outlook for 2008,' said Ritter. 'However, we are confident that we will achieve our goal of adding 20,000 rooms into the Rezidor portfolio from 2007 through 2009, and we believe that the ongoing shift in our business model, driven by more fee based revenue, will continue to support our EBITDA margin target.'
The full 2007 Financial Report is available at www.rezidor.com.
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