Sol Meliá has announced results for the year 2000 of earnings before interest, taxes, depreciation and amortisation (EBITDA) of 43,377 million pesetas - 260.7 million euros -, a 31% increase over the previous year. Revenues per available room (RevPar) for hotels increased by 19% over the same period, an achievement far above that of the average for the industry.

Net profits reached 19,750 million pesetas - 118.7 million euros -, an increase of 26% over 1999, while consolidated revenues rose to 148,399 million pesetas - 891.9 million euros -, 35% higher than in 1999.

These excellent results, superior to the objectives that Sol Meliá had set for the year, are due in part to the positive performance of the hotels in the company’s European City Division (RevPar increase of 13%), home to the vast majority of the hotels taken over after the purchase of Tryp Hotels, confirming the positive progression of the business travel sector in Europe and particularly in Spain. Sol Meliá is the leading hotel company in the Spanish city market, with 50% more rooms than its nearest competitor NH Hotels.

The company also emphasised the positive results achieved in the European Resort Division (RevPar increase of 11%), especially in Spain, after a particularly successful summer season. In the light of the rhythm of advanced sales for summer 2001, the company also expects this year to be at least as satisfactory.

Finally, the year 2000 saw the recovery of the company’s Americas Division (RevPar increase of 30%), thanks to the incorporation of new hotels such as the Meliá Mexico Reforma which began to bear fruit, and to the change in trend in the Latin American market supported in part by the strength of the dollar. Sol Meliá is the leading hotel company in Latin America & the Caribbean.

Management fee revenues grew by 18%, boosted by an increase of 10% in the Cuba Division, and especially by increases of 25% and 23% in the Asia Pacific and Americas Divisions respectively.

——-