After the global financial crisis impacted revenues universally in 2009, Mövenpick Hotels & Resorts recorded a marked turn-around in 2010. The company benefited from five new hotel and resort openings and strong recovery in European travel, Mövenpick’s core market, where it operates 24 properties.
In line with Mövenpick Hotels & Resorts’ expansion objectives, six new management agreements were signed during the financial year – three in Thailand, and one each in China, Malaysia and Sri Lanka.
The new hotels in Accra and Ankara will open in 2011. The properties in Thailand, Chiang Mai and Koh Samui are scheduled to open early next year; Pattaya and Bangkok are planned to open in 2014. Also the company recently announced it will enter the Singapore and the Philippines for the first time. In China, Shanghai is due to open in 2013, and Dharamshala in the Himalayas is scheduled to open the same year.
With new openings driving the business forward – 25 hotels and resorts are in the development pipeline.
2011 will continue to be a challenging year, especially in the light of the current events in North Africa and the Middle East. Nonetheless Mövenpick Hotels & Resorts is cautiously optimistic for the year.