Mövenpick announces expansion

Mövenpick Hotels & Resorts, which this week took over a resort on Mauritius, has now announced a total of five new projects in Dubai as well as on the tropical island of Zanzibar, putting the Swiss international hotel chain on course for achieving its expansion objectives. The hotel group has been steadily expanding over the past five years, and very soon it will have more than doubled its capacity compared with 1999 (35 hotels and 7,400 rooms): by the end of 2007 the portfolio will comprise a total of 73 hotels and more than 19,000 rooms. At present Mövenpick Hotels & Resorts comprises 53 hotels and over 12,000 rooms in 19 countries, with 20 signed projects currently either at the planning phase or under construction. Growth in the Middle East has been particularly strong, in keeping with the group’s policy of vigorous expansion based on management contracts. More than 20 owners in this region have enabled and sustained this rapid growth. In Dubai alone seven Mövenpick Hotels are to be completed over the next two years. Over that same period four other hotels are scheduled for completion in Egypt, Yemen, Qatar and Saudi Arabia In Europe new hotels are already under construction in Frankfurt, Hamburg and Stuttgart, Amsterdam and Rome. In Africa two interesting new destinations are added to the portfolio, with the take over of the Voile d’Or Resort on Mauritius and a management contract for a further holiday resort recently signed on Zanzibar. "What’s particularly pleasing is that our growth is founded on a very sound financial basis", explains Pascal Voyame, Senior Vice President Finance & Controlling. "Over the past few years Mövenpick Hotels & Resorts has been able to show positive operating results combined with growing returns to our shareholders, in spite of continued and rising efforts to grow our presence in new countries."

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