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Rezidor set to return to profit

01 November 2010 by

Radisson Blu owner Rezidor has seen a strong rebound, led by the UK and Western Europe, with the business on course to return to profit after dropping into the red in 2009.

The hotel group, which also runs and franchises the Park Inn brand, saw third-quarter revenue per available room (revpar) climb 12.6% to £58.10 (from £59.20 in 2009) on a like-for-like basis, as rates and occupancy continued to climb across all geographic territories.

Kurt Ritter (pictured), chief executive of Rezidor, said: "Although fragile and coming from a low base, the recovery is now evident across all our geographic segments."

Ritter said that although the recovery was initially led by improved occupancy, room rate was now climbing also, helped within Europe by a relatively low rate of new rooms coming on to the market, owing to restricted lending for projects.

Rezidor, which is pursuing a policy of rapid expansion, has opened around 18,000 new rooms since the second quarter of 2008 (2,000 in the third quarter alone), undeterred by the global slowdown that has battered the international hotel industry.

Rezidor to open Radisson Blu hotel at East Midlands Airport >>

Rezidor keeps its nerve over rapid expansion plans >>

Rezidor goes into the red in 2009 >>

By Chris Druce

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