Mandarin Oriental Hotel Group reports positive results for 2012
Hong Kong based Mandarin Oriental Hotel Group has recently reported positive results for 2012, with a 20% increase in its turnover in 2012, compared to 2011. The company also reports a 7% increase in turnover for 2012, compared to 2011. The highlights of 2012, were the acquisition of the Mandarin Oriental, Paris and the opening of Mandarin Oriental Guangzhou.
Mandarin Oriental Hotel Group counts 28 hotels in 2012, compared to 26 hotels in 2011, with 16 properties under development. The total room inventory of the group was 11.000 rooms in 27 countries (19 hotels in Asia, 12 hotels in the U.S. and 13 hotels in Europe, Middle East and Africa. The group also manages 14 residential complexes.
For the beginning of 2013, the performance of the group has been in line with expectations, with a significant increase of 43% in individual bookings. RevPar results showed a 6% increase in 2012 compared with the previous year, with a stable performance in Europe. Within the Mandarin Oriental hotels, the following properties achieved best results in 2012 - Mandarin Oriental London (78 % occcupancy and + 3 % RevPar increase), Munich (+ 7 % increase in RevPar). Mandarin Oriental Paris (58% occupancy and an average rack rate of 910 euros) By contrast, Mandarin Oriental Geneva registered a decrease of 9 % in RevPar, mostly due to renovation works. Overall, U.S. properties saw a 5% increase in RevPar, the best performing being Mandarin Oriental New York with a 4% increase in RevPar, occupancy of 71% and an average rack rate of 691 euros.