Prickly problems for Thistle group

Like-for like-profits at hotel group Thistle have almost halved in the first half of 2002.

In the 28 weeks to 14 July, like-for-like pre-tax profit at the group fell by 47% to £15.6m, compared with £29.4m for the same period a year earlier.

But Thistle's books were bolstered by £42.3m from the sale of 38 hotels earlier in the year.

Total turnover fell by 32% to £114.4m, compared with £168.3m a year earlier. Turnover at the group's 18 owned or leased hotels was down by 13.6% to £79.1m, against £91.5m in 2001.

Occupancy levels fell by three percentage points to 72.4% and average room rate was down by 10.7% from £85.69 to £76.51.

Revenue per available room (revpar) was down by 14.3% to £55.39, compared with £64.61 for the same period last year.

On a like-for-like basis, turnover at Thistle's 38 managed hotels was down by 4.6% to £33m.

Occupancy fell by 1.9 percentage points to 66.5% and average room rate fell by 4.5% to £58.02, compared with £60.74 in 2001.

Revpar was down by 7.1% to £38.58, against £52.73 a year earlier.