Positive achievements for Mövenpick Hotels & Resorts in 2009 despite the global economic downturn for the upscale hotel industry.
The international upscale hotel management company with Swiss roots has weathered the hospitality storm in 2009, achieving a positive EBIT (earnings before interest and tax) of CHF 2.3 million (previous year: CHF 17 million). Total sales declined by CHF 78.7 million or 8.9% to CHF 802.1 million (previous year: 880.8 million) when the average of the upscale sector declined by more than 10%.
Despite the crises we have added four hotels and resorts in 2009 and in keeping with the expansion objectives, new management agreements were signed for hotel projects in Jordan, Egypt and Tunisia, says Jean Gabriel Pérès, President & CEO of Mövenpick Hotels & Resorts. This means that 26 new Mövenpick Hotels und Resorts are now in the development phase. Mövenpick Hotels & Resorts opened new properties in Dubai (United Arab Emirates), Tala Bay Aqaba (Jordan), Makkah and Yanbu (Saudi Arabia).
Furthermore, major renovations were implemented (CHF 16.8 million) during 2009 with leasehold improvements, that make us well poised for benefiting from a market recovery.
Despite adverse trading conditions, Mövenpick Hotels & Resorts has continued its strategic investment in developing talent. The company’s commitment to promote internal talent first and to invest in learning and human resources best practices remained a key strategic direction throughout the 2009 and will continue in 2010 and beyond.