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Rezidor Hotel Group: first quarter 2012 results

For the first quarter of 2012, the sales at Rezidor Hotel Group are going up

-* Like-for-like ("L/L") RevPAR was up by 5.6%. -* Revenue increased by 7.4% to MEUR 206.9 (192.7). On a L/L basis Revenue increased by 5.6%. -* EBITDA amounted to MEUR -5.0 (-8.5) and the EBITDA margin improved to -2.4% (-4.4). -* Loss after tax amounted to MEUR -14.1 (-17.4). -* Basic and diluted Earnings Per Share was EUR -0.09 (-0.12). -* Ca 1,000 new rooms opened and ca 1,400 new rooms were contracted.Comments from the CEO The EBITDA margin increased by 2 percentage points in the first quarter -* The revenue increase was the main driver of this improvement "We are pleased to report a RevPAR growth of almost 6% in the first quarter of the year, an increase well above the market. Eastern Europe remained the best performing region followed by the Middle East and Africa, where we see a return to more normalised trading. The positive RevPAR development combined with a stronger meetings and events business generated a 7% revenue growth over last year. As outlined in our Route 2015 strategy, we remain focused on improving profitability, both in absolute terms and relative to the industry. We will on a regular basis communicate progress related to this strategy. In the first quarter, we opened four hotels with close to 1,000 rooms, all located in the emerging markets of Eastern Europe and Africa. We contracted six new hotels, with over 1,400 rooms, all without financial committments."</quote> (Rezidor Athens pictured above)

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