Healthy performance from Malmaison hotels
Niche luxury hotel group Malmaison has turned in a healthy financial performance on the back of increased room rates and improved occupancy during the six months to 31 December 2004.
Occupancy levels rose by five percentage points to 80% and average room rates increased to just short of £100 a night, boosting turnover by 42% to £21.5m.
Earnings before interest, tax depreciation and amortisation of goodwill were £6.4m at the half year, compared with £3.8m for the same period last year.
Brian Myerson, chairman of the hotel group's owner, Marylebone Warwick Balfour, put the success down to a strong leadership team.
Myerson said: "Malmaison continues to go from strength to strength under the management team led by chief executive Robert Cook.
"There will be an additional boost from the addition of a new Belfast Malmaison which opened in December. The early signs are very encouraging."
The group plans to open Malmaison Oxford in autumn this year, followed by Malmaison Liverpool in 2006.
by Emily Manson
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