Reuters) - Luxury Parisian hotels are entering 2011 knowing they need a combative spirit and ambitious initiatives to protect their turf from the arrival of powerful Asian chains such as Shangri-La, Mandarin Oriental and Peninsula.
The three luxury Asian hotel groups have invested heavily to get a foothold in Paris, ranked as one of the world's top tourist destinations, prompting rival European five-star hotels to make major refurbishments and review their strategies.
Read More:
Showing posts with label shangri-la. Show all posts
Showing posts with label shangri-la. Show all posts
Friday, January 7, 2011
Saturday, March 20, 2010
Shangri-La sees 2009 net profit jump 54%
Luxury hotel operator Shangri-La Asia Ltd said Wednesday that its 2009 net profit jumped 54% year on year from US$165.9 million to US$255.5 million, helped by higher property prices, Dow Jones Newswires reported.
The company said earnings per share were US$0.89 and a final dividend of US$0.06 per share was declared.
Revenue dropped 9% to US$1.23 billion in 2009 from US$1.35 billion in 2008. Total revenue for room rentals fell 15% to US$570.2 million, and average revenue per available room, a key performance metric, declined 24%.
Shangri-La's core business was hit by the global financial crisis, which lessened business and leisure travel. The company does not expect to return to pre-crisis levels until 2012, it said.
Hong Kong-based Shangri-La currently manages 66 hotels under the deluxe Shangri-La and mid-market Traders brands. There are over 30,000 rooms in total. The group has over 40 projects under development in different countries including Austria, Canada and China.
The company said earnings per share were US$0.89 and a final dividend of US$0.06 per share was declared.
Revenue dropped 9% to US$1.23 billion in 2009 from US$1.35 billion in 2008. Total revenue for room rentals fell 15% to US$570.2 million, and average revenue per available room, a key performance metric, declined 24%.
Shangri-La's core business was hit by the global financial crisis, which lessened business and leisure travel. The company does not expect to return to pre-crisis levels until 2012, it said.
Hong Kong-based Shangri-La currently manages 66 hotels under the deluxe Shangri-La and mid-market Traders brands. There are over 30,000 rooms in total. The group has over 40 projects under development in different countries including Austria, Canada and China.
