Mandarin Oriental expects its results in 2001 to improve further thanks to a full year’s contribution from its re-opened Hyde Park hotel in London and the continued recovery in the Hong Kong market.
The prediction came as the company reported a 38% increase in sales from the hotels it manages to $473m (£328m) during 2000, up from $342m (£237m) in 1999.
Profit before interest and tax was up by 25% to $53m (£36.7m), against $42m (£29.1m) in 1999.
Mandarin Oriental (left) acquired the six-strong Rafael Group for $143m (£99m) in May 2000. It now operates 20 hotels worldwide.
In September, the group signed a joint venture agreement with Indian Hotels and Health Resorts to manage and build luxury hotels throughout India.
The Mandarin Oriental Miami, in which the group has a 25% stake and a long-term management contract, opened in late November. A Mandarin Oriental in New York is set to open in late 2003.
The Mandarin Oriental Hyde Park in London reopened in May.
Chairman Simon Keswick said: “The group is well positioned for 2001 and should benefit from both the expected continuing recovery in room rates of the two Hong Kong hotels and a full-year contribution from the London property.”
The group’s aim is to increase the number of bedroom it manages to 10,000 from the current 7,000.
Full announcement (UK-Wire)