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Strong growth for Mövenpick Hotels and Resorts
The Mövenpick Hotels and Resorts (MH and R) group has reported strong earnings growth for the fifth consecutive year.
According to the hospitality and spa operator’s fiscal 2007 results, overall sales of CHF831.2m (510.5m euro, £405.7m, US$789.3m) were reported, up from CHF696.8m (427.9m euro, £340.2m, US$661.8m) of the previous year.
The group’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) improved by a total of 33 per cent, or CHF5.9m (3.6m euro, £2.8m, US$5.6m), on last year’s figure to CHF23.7m (14.5m euro, £11.5m, US$22.4m).
The group opened eight new hotels during 2007 and launched two cruise ships – the Mövenpick M/S Royal Lily and the Mövenpick M/S Prince Abbas – which celebrated their maiden voyages in Egyptian waters.
In addition, 16 new management agreements were signed for a number of territories, including properties in Turkey, Egypt, Oman, Vietnam and the UAE.
Currently, MH&R has a total of 30 projects in the development or construction phase, with the intention of creating a portfolio of 100 hotels and resorts worldwide by 2010.