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22 Jan 2015 07:00
22 January 2015
Action Hotels PLC
("Action Hotels", "Action", "the Group" or "the Company")
Action Hotels pre-close operational trading update
Action Hotels, a leading owner, developer and asset manager of branded three and four star hotels in the Middle East and Australia, is pleased to update the market on its operational trading performance for the year ended 31 December 2014.
The 6 operational hotels (including the Holiday Inn Muscat in its maiden year of operation) delivered strong performance with revenue per available room ("RevPAR") for the year increased by 3.7% to $84 (2013: $81).
Both Kuwaiti hotels delivered average occupancy for the period in excess of 80% and across the portfolio occupancy levels continue to be in line with management expectations.
Gross Operating Profit ("GOP") from operating hotels across the portfolio increased by over 20% which reflects the Company's focus on revenue management and increased efficiencies.
Total current operating room count is 1,488, a 32% increase on hotel stock, with a pipeline of a further 8 hotels taking total room count to 2,835 by 2017, a 319 room increase from the stated plan at the time of the IPO in December 2013.
The Company will announce its audited final results for the year ended 31 December 2014 in April 2015 when it will also declare its final dividend.
For further information:
Action Hotels plc +44 (0) 20 7907 9663
Alain Debare, Chief Executive Officer
Katie Shelton, Director of Corporate Affairs
finnCap (Nominated adviser & broker) +44 (0) 20 7220 0500
Matthew Robinson / Grant Bergman / Scott Mathieson
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