'Rezidor (STO:REZT) reported good half-year results, with growth in revenue, EBITDA as well as EBITDA margin. For the six months ending June 30 we posted revenues of MEUR 399 (371) and EBITDA of MEUR 37.3 (32.3) increasing the EBITDA margin to 9.4% (8.7)', says Kurt Ritter, President & CEO of Rezidor.
'Our strategic focus continues to be on growing our portfolio through managed of franchised contracts. This ongoing shift in our business model, which is driven by more fee based revenue, will continue to support our EBITDA margin target. In the first half of this year, we opened circa 1,800 new rooms, all which were fee based. During the same period we contracted more than 7,000 rooms under development of which 87% will be managed or franchised', Ritter continues.
'The uncertainties surrounding the global economy especially the financial markets and its impact on the hotel industry make it difficult to predict the market outlook for 2008. In terms of contracting new rooms and growing our pipeline 2008 will be another record year. Since January 2007 we have opened circa 6,900 rooms of which 93% are fee based. Currently we have more than 100 hotels and approximately 20,000 rooms under development', ends Kurt Ritter.
The Rezidor Hotel Group is one of the fastest growing hotel companies in the world. The group features a portfolio of more than 340 hotels in operation and under development with more than 71,000 rooms in 53 countries.
Rezidor operates the brands Radisson SAS Hotels & Resorts, Regent Hotels & Resorts, Park Inn and Country Inns & Suites in Europe, Middle East and Africa, along with the goldpoints plusSM loyalty programme for frequent hotel guests. Rezidor has signed a worldwide license agreement with the Italian fashion house Missoni, in order to develop and operate a lifestyle hotel brand of the same name: Hotel Missoni.
In November 2006, Rezidor was listed on the Stockholm Stock Exchange. With 42%, Carlson Companies is the main shareholder.
The Corporate Office of the Rezidor Hotel Group is based in Brussels, Belgium.
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