Strong Turnover Growth At Thistle

Unaudited Trading Results for the financial year ended 31 December 2000


Total turnover in Thistle`s retained hotels* increased by 8.0% to £324.4 million in 2000. Occupancy grew by 0.9 percentage points to 75.8% and the average room rate increased by 4.7% to £70.52. As a result, revenue per available room (“Revpar”) increased by 6.0% to £53.45.


A strong second half more than offset the difficult start to the year. Turnover in retained hotels in the second half increased by 11.9% and Revpar increased by 7.3% compared to the same period in 1999.


In London, turnover in the retained hotels increased by 9.6% to £211.0 million. Revpar for the year increased by 9.4% to £65.08. In the second half Revpar increased by 10.5% over the previous year.


Outside London, turnover in the retained hotels increased by 5.2% to £113.4 million. Revpar for the year decreased by 0.5% to £36.56. As with London, trading in the second half of the year was stronger than the first half, with Revpar up by 1.4% compared to the same period in 1999.

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Ian Burke, Thistle`s Chief Executive Officer, said “Thistle had a good second half, and we remain focused on maintaining this momentum in the new financial year.”


* Retained hotels exclude the 5 hotels sold during 1999 or 2000 and include Middlesbrough which re-opened in April 2000.


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