Published on : Wednesday, December 18, 2013
Vienna International Hotelmanagement AG (VI) once again reports an increased full-year profit for the current 2013 financial year. A decisive contribution to this result came, among other things, from the Arcadia hotel purchases and the associated growth on the German market.
Thanks to the successful management and the implementation of the announced growth, in particular through the acquisition of owner-operated hotels, the expected earnings of Vienna International Hotelmanagement AG for 2013 will once again surpass that of the previous year. The hotels currently under management by VI generated expected annualised revenue of € 174 million from 2.3 million bed nights in 2013. The number of hotels rose from 29 to 35 managed operations.
Investment in property
The Austrian hotel group acquired six Arcadia Hotels in Germany in 2013. These hotel purchases, made in a favourable interest environment, were one factor contributing positively to the year-end result. CEO Dr. Andreas Karsten expects to see earnings before taxes of € 3.7 million, which would correspond to an increase of about 26 % versus the previous year. “It was our goal to strategically expand our strong economic basis in Germany in the field of owner-operated hotels and to continue to grow on this market. And we succeeded. Within the last year, we have increased our presence from two operations in Munich and Berlin to 9 hotels at this point. The total number of managed hotels rose to 35 operations,” says Dr. Karsten. Also in Germany, Vienna International Hotelmanagement AG in January 2013 opened the angelo Hotel Munich Westpark in cooperation with UBM Realitätenentwicklung AG. Due to the good business development of the two angelo hotels in Munich, an expansion of the first angelo Hotel Munich Leuchtenbergring is currently being planned. “The growth in Germany has allowed us to increase our presence on this market four-fold within one year. Still, we continue to see untapped potential in the area of city and conference hotels,” Dr. Karsten is convinced.
Projects for 2014
The group intends to add even more hotels to its portfolio in the year to come. Dr. Karsten is driving forward the growth and is remaining faithful to his past announcements: “An IPO in the medium to long term remains an integral part of the growth strategy of Vienna International Hotelmanagement AG.” In Shelkovo near Moscow, the 5-star Astrum luxury hotel will open in cooperation with Shelkowskij Holding in the summer of next year.
Source:- Vienna Hotel
Tags: Hotel News
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