NH Hotels Reveals EBITDA More Than Doubled in the First 9 Months of 2010By Nh Hotels, PRNE
Monday, November 1, 2010
MADRID, November 2, 2010 - NH Hotels has revealed that the adverse situation of the industry in 2009
underwent a major turnaround during the first 9 months of 2010 leading to a
significant improvement towards recovery in the Group's basic activity. NH
Hotels' revenues totalled EUR980.5M, a 9.4% rise, and its Earnings Before
Interest, Taxes, Depreciation, and Amortization (EBITDA) reflected both the
strong recovery in the market and the remarkable increase in productivity.
The company generated an EBITDA totalling EUR102.2M, more than double the
figure for the same period in 2009, due mainly to an improvement in the hotel
business in all the markets where NH Hotels operates.
The revenues of the hotel business grew by 10.3%, as a result of an
increase in occupancy in all the markets over the first 9 months of the year.
The increase in occupancy levels, of 12.6% in comparable hotels, meant that
RevPar (Revenues Per Available Room) went up by 9.7%. There were increases in
prices for the first time after 7 consecutive quarters, helping towards the
increase in RevPar. The major growth in hotel activity compares with a
smaller rise in expenses of 4.4%, as a result of the cost-cutting plan kept
up by NH Hotels (www.nh-hotels.com/) in 2010.
In line with the asset rationalisation and divestment plan the company
set up last year, the company has commitments and down payments for a number
of sales of assets totalling approximately EUR60M. The hotels being sold are
in Europe and are minor non strategic assets for the Group. These
transactions are expected to be closed during the fourth quarter of the year.
In 2010, NH Hotels has sold four assets that have brought in cash for the
Group totalling EUR117M.
Moreover, NH Hotels has cancelled contracts for another 14 hotels in the
first 9 months of 2010 as part of its plan for managing loss-making and/or
About NH Hotels
NH Hotels ranks third among European business hotels. NH Hotels currently
has 394 hotels with 59.107 rooms in 25 countries in America, Africa and
Europe, including a range of hotels in Madrid, (
www.nh-hotels.com/nh/en/hotels/spain/madrid.html) hotels in Barcelona
(www.nh-hotels.com/nh/en/hotels/spain/barcelona.html) and hotels in
London. (www.nh-hotels.com/nh/en/hotels/united-kingdom/london.html) NH
Hotels has at present 30 new projects for hotels under construction, which
will provide more than 4,000 new rooms.
NH Hotels stands out in quality both as regards to services and
facilities, with carefully thought out decoration, intended to please all
tastes and making the guest feel comfortable.
NH Hotels' establishments offer the most advanced technologies designed
to facilitate the guests' communication as well as their work and leisure.
For further media information, please contact: Departamento Prensa NH Hotels Santa Engracia 120 Edificio Central Madrid Spain +34914519762 www.nh-Hotels.com
For further media information, please contact: Departamento Prensa, NH Hotels, Santa Engracia, 120 Edificio Central, Madrid, Spain, +34914519762
Tags: Madrid, Nh Hotels, November 2, Spain