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Kingdom Hotel Investments post a rise of 71 % in revenues

KHI currently operates 16 hotels worldwide, mainly under the Mövenpick and Four Seasons brands. During the first half of 2006 the group acquired its first Asian property, the Crowne Plaza Karon Beach Resort in Thailand, rebranded as the Mövenpick Resort & Spa Phuket, and also increased its stake in the Four Seasons Damascus from 35.75% to 49.5%. On a like-for-like basis excluding these two hotels, revenues were up 71% year-on-year at $42.7m (e33,4m), while earnings before interest, taxes, depreciation and amortisation improved by 8% to $11.7m (e9.2m). First half occupancy slipped by 0.2 percentage points to 64.3%, but the decline was offset by a 9.3% increase in average daily rates to 172 euros, which helped boost revenue per available room by 9% year-on-year to 110 euros. Among the best performers were the Four Seasons Hotel Cairo, the Four Seasons Hotel George V in Paris and the Movenpick Hotel Bur Dubai, which reported earnings growth in excess of 24% year-on-year.

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