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Maritim: VAT reduction allows numerous investments in Germany

Although the economy has not yet reached its pre-crisis levels, Maritim Hotels showed improved results last year. (Maritim Hotel Berlin pictured below)

At 446.1 million euros, total turnover for 2011 0.8 million euros was about 0.2 per cent up on last year's result. Growth was recorded, especially in the business and individual travel segment. Since the beginning of 2010, the reduction in VAT on accommodation to seven per cent has also contributed to good business results; this reduction remains of vital importance to the German hotel sector, especially when it comes to maintaining its competitiveness with foreign companies. Maritim currently has 51 hotels, of which 14 are located abroad; the average occupancy rate is 58.0 per cent. The average room rate increased from 86.80 euros the previous year to 88.09 euros.Looking back on 2011The German economy continued to recover, allowing Maritim to continue its growth in the important business and individual travel segment. This positive trend was enhanced by the reduction in VAT, allowing Maritim to make some major investments in numerous hotels, not only securing existing jobs but also creating new jobs and making an important economic contribution to various regions.InvestmentsInvestment in Maritim Hotels was just short of 10 million euros in 2011 - with investments being made in Munich, Cologne, Bremen, Frankfurt and Travemuende, for example. At the Maritim Strandhotel Travemünde, an entirely new spa and beauty care centre was created in an area measuring 1,100 square metres.Expansion in ChinaThe first Maritim hotel on Chinese soil opened in 2010, and a second hotel opened in China in June 2011. After the Maritim Hotel in Wuhu, Maritim opened The Maritim Hotel Shenyang. It has 5 stars and 631 rooms. The seminar and congress facilities may be of interest to business travellers: with a size of 1,450 square metres, the largest hall is suitable for events with up to 1,400 guests. In addition, there are 15 other conference rooms ranging in size from 80 to 430 square metres.Looking forward to 2012One of the focal points of corporate strategy will continue to be the company's expansion abroad, mainly in China, where five further hotels are to be opened in the next few years.

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