Maritim Hotels Turnover growth and expansion despite weak national economy

Due to Maritim's good cost management, the GOP remained at a similar level as the previous year with 35 %, thus underlining overall stable returns for the year 2004 for Germany's second-largest hotel company. The 43 hotels operated by Maritim - eight of them outside Germany - were able to increase their occupancy to 56.7 % (previous year 54 %). At the same time the decline in average room rate was halted and stabilised at 77.60 Euros. The RevPAR consequently rose by 1.55 Euros on the previous year.

The positive results of the year 2004 have been supported by excellent results produced above all by the Maritim hotels in Stuttgart, Bremen, Hannover Airport, Munich, Ulm and Wurzburg. The hotel in Mauritius ran particularly well. In the business traveller segment the market has recovered, although prices continue to be under pressure. In Maritim's core segment of meetings and conventions the number of overnight stays rose by 3.5 % on the previous year.

According to a Deloitte & Touche study, Maritim's increase in occupancy is above market average in the primary German cities,. compared with the previous year. Particularly in the large city hotels with a high turnover in the core segment of meetings and conventions, the F & B turnover which is sensitive to the occupancy level has thus been positively influenced. The tourist segment has not only seen a clear increase in occupancy of 4 %, but it has also been possible to implement a price increase in this sector.

Further national and international expansion

The company's international presence is gaining more and more importance. Under a cooperation agreement with HMS International Hotel GmbH, Maritim now also offers a hotel on Bali (191 rooms), two hotels in Tunisia (Djerba 340 rooms, Hammamet 184 rooms) and one in Turkey (Belek 408 rooms). These hotels are operated by HMS under a franchise agreement with Maritim. Further resort locations of interest to Maritim, such as Mallorca for example, are currently being negotiated.

In Germany, too, Maritim is continuing to occupy strategically significant locations. The second hotel in Berlin is excellently located close to government buildings, embassies, Kulturforum and Potsdamer Platz and will open its gates in August 2005. With 505 rooms and meeting and convention facilities for up to 5,500 guests the hotel will become the largest convention hotel in the centre of Berlin. The gap for major events in this area will thus be closed and Maritim will lead the market in the congress and conference hotel scene in the heart of Germany's federal capital.

At the end of last year reconstruction started on the Erlweinspeicher warehouse in Dresden. The historical building will probably be opened in spring 2006, directly next to the International Congress Center Dresden which is already operated by Maritim. The four-star hotel will comprise 328 room, a hotel restaurant, a piano bar and a generous wellness area.

A few weeks ago contracts were signed for the latest project - the Maritim Hotel Dusseldorf, with direct connection to Dusseldorf airport. The first Maritim Hotel in the capital of North Rhine-Westphalia will probably be opened in winter 2007. The hotel will have 533 rooms, a hotel restaurant, a bistro, a pub restaurant, a bar, a VIP lounge and a wellness area. As is customary with Maritim, the hotel will also offer the most up-to-date conference facilities. In two large halls and 21 further conference rooms and meeting suites, events for up to 5,250 participants can take place on a total conference area of 6,000 m².

For the current financial year Maritim Hotels are expecting that the economic situation will stabilise in comparison to the previous year. Consequently it is anticipated that Maritim's turnover should increase by 3.5 % compared with 2004. This increase should also be partly due to the new hotel in Berlin which should make itself felt during the last quarter of the year 2005. Considering the good start into the year 2005 and looking at current forward bookings for Maritim Hotels, it is expected that this target will be met.


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