Rezidor heralds Q1 results as return to form

The Rezidor Hotel Group saw mixed results in the first quarter of 2007, with total revenues up by £12m to £118m, but profit after tax still in the red. The post-tax loss of £750,000 does mark an improvement for the chain however – in the same period last year it showed after-tax losses of £3.1m from a total turnover of £106m. For the calendar year of 2006, Rezidor brought in total profit after tax of £18m and chief executive Kurt Ritter heralded the first quarter as a significant improvement: “The positive development of 2006 has continued into 2007 and although the first quarter is seasonally the weakest, we are pleased to present a strong result. RevPAR is continuing to increase, driven primarily by rate, which should further improve margins.” Like-for-like RevPAR rose from £44 to £48 across the two January-March periods, while total RevPAR for the first quarter of this year was £46. The number of Rezidor properties rose from 262 to 288 year-on-year and 1,985 rooms were sold from a total of 3,153 in the first part of 2007.

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