Hilton's hotels see profits grow by 17%

24 February 2005 by
Hilton's hotels see profits grow by 17%

Prospects for the hotel sector are the best they have been in years, according to David Michels, chief executive of Hilton Group.

Michels described 2004 as a good year for Hilton's hotel business, with worldwide revenue per available room (revpar) up 7% and occupancy up by 4.3 percentage points.

The hotel division's pre-tax profits increased 17% year-on-year to £171.3m, with Hilton's 77 hotels in the UK and Ireland contributing £95.1m.

Although London saw a steady improvement in revpar throughout 2004, the company's provincial estate had a mixed performance. Its large conference hotels performed best.

It is still looking for a buyer for its 11 provincial hotels, which are valued at more than £100m.

Parent company Hilton Group, which includes the betting business Ladbrokes, increased its pre-tax profit by 41% year-on-year to £383.1m from a turnover of £11.9b.

by Chris Druce

Buy this week's Caterer magazine for more industry news and analysis

TagsFinance and Trends
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

close

Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking