At a meeting held at the Grand Hotel Bonavia in Rijeka, the Supervisory Board of GSHR Holdings Ltd (the parent company of Adriatic Luxury Hotels Group) and Management Board of ALH concluded that during the first nine months of 2009 ALH Group hotels achieved good performance, particularly considering the very difficult market conditions caused by the global financial crisis.
The Supervisory Board is pleased with the efforts undertaken by ALH Management Board focusing on repositioning the hotels on emitting markets. Specifically, during this year of crisis the ALH Group welcomed approximately one hundred travel agents and media representatives, which has resulted in ten new contracts signed with luxury tour operators, which will include Dubrovnik, the ALH Group hotels and the Villa Agave for the first time in its luxury travel brochures and sales channels.
Adriatic Luxury Hotels Group will end this business year with 8% less revenues but 3% higher GOP compared to last year, which is better than expected, particularly compared to the forecasts given at the beginning of 2009, thanks to efficient management of the company and timely introduction of anti-recession measures. Despite the uncertain market conditions during this year, ALH Group operations were profitable and the company managed to maintain liquidity as well as the support of its bank partners.
It is important to point out that despite the crisis which marked this year, ALH Group hotels Excelsior and Bellevue achieved outstanding results compared with other five-star hotels on the Croatian and European markets. In fact, in August hotels Bellevue and Excelsior achieved an average room price of EUR 218 and an 84% occupancy rate, along with total REVPAR amounting to EUR 250.
This year was characterised by last minute bookings in the leisure and MICE segments and by a considerable increase in online booking, which recorded a 70% growth on the group level for the period from June to September compared to last year.
Such results could not have been achieved without the exceptional teamwork and dedication of all ALH Group employees, whose key objective is customer satisfaction and providing outstanding, high-quality service.
During the winter season ALH management will place particular focus on maintaining price stability, strengthened cost control and savings measures, principally during the winter period, and sales and marketing activities for next year.
In its outlook for next year, the ALH Group expects better performance compared to this year and looks forward to a 10.5% revenue increase as well as even higher profit growth. The decisive forecasts are based on enhanced hotel offers in certain segments of operation and further diversification of hotel cuisine offer, mirroring similar efforts by other high category hotels worldwide.
The ALH Group’s positive track record, combined with the continuing support of its key investors, will ensure that it remains one of the leading players in Croatia.