Credit crunch bites Rezidor

The economic downturn has hit hotel chain Rezidor's revenue.

Kurt Ritter, Rezidor president and CEO
Kurt Ritter, Rezidor president and CEO

Rezidor’s third quarter like-for-like revenue per room decreased by 0.4% compared to 2007’s third quarter. Occupancy rates were down, although this was offset by increased average room rate.

For the entire first three quarters of the year however, Rezidor enjoyed 5.3% growth in like-for-like revenue per available room.

In response to the economic crisis, the chain has introduced a cost-cutting plan designed to save around £16m. Looking ahead, president and CEO Kurt Ritter said Rezidor will continue to develop its portfolio but conceded some openings will be delayed.

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