November 27, 2000 -- HVS International -- Jarvis Hotels announced its interim results for the period ending 7 October 2000. Revenue increased by 17.3% to £95.1 million, EBITDA rose 11.5% to £30 million and profit before tax increased by 10.9% to £19.4 million, largely due to an exceptional gain of £1.7 million from the sale of four Jarvis hotels.
Record levels were achieved in two key performance ratios: average room rate rose by 4% to £51.73 and RevPAR rose by 5.4% to £38.06.
Jarvis is optimistic about the second half of the year, with the Christmas period thought to help offset losses suffered from the impact of the recent severe weather and transport conditions. Jarvis's programme of hotel disposals is almost complete, with the announcement this week of the sale of the Alma Lodge Hotel in Stockport.
Meanwhile, Jarvis believes its strategy of acquiring larger, more profitable hotels in prime locations is paying off. Further acquisitions are likely to complement the 120-bedroom Lakeside Hotel in Swansea, acquired from Hilton for £3.75 million. According to the company chairman, John Jarvis, Jarvis is interested in the auction of Granada Compass's Forte Hotels, for brands other than Le Meridien.
Jarvis is currently investigating opportunities to partner with a financial buyer.
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HVS in 2000: Celebrating 20 Years of Valued Hospitality Consulting Service
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