p26-27 hotel mar6 4/3/09 11:11 Page 27
ttglive.com
hotels news
Sol Melia suffers 68%
fall in profits for 2008
Rupert Murray.
financial position to weather the storm and
SPANISH hotel giant Sol Melia’s profits plummeted come out the other side stronger.
68% year on year in 2008. Looking ahead, Sol Melia said in a statement:
The group blamed stagnant consumer “Uncertainty in credit markets make it difficult
spending in its two main markets, the UK and to foresee progress over the coming months.
Spain. “All indicators point to a greater impact on the
A reduction in airline capacity and the business in the first half of the year, with a
depreciation of the pound and dollar against the certain degree of improvement over the second
euro were also blamed. half of the year thanks to factors which will
The hotel operator predicted a difficult first have a gradual positive influence such as the
half to 2009, particularly in business travel, reduction in interest rates, depreciation of the
accompanied by a slowdown in the resort leisure euro and the stability of oil prices.”
CLEAN SHEETS: The Co-op Travel Group business. The company has decided to postpone some
has started offering Manchester United fans This would be slightly offset by improved of its ongoing projects which require major
stays in a new £11 million luxury serviced bookings to the Caribbean, it said. investments. These include the first stage of the
apartment complex in the city. The group Last year, Sol Melia’s revenues fell by 5.3% to 280-room hotel under way in Salvador de Bahia,
will offer stays at The Light to Red Devils ¤1.18 billion, but its net profit crashed by 68.4% Brazil, and the Melia and Paradisus project in
fans who are members of Manchester to ¤51.2 million, compared with 2007. Playa del Carmen, Mexico, both of which also
United Travel, and other event spectators. It is confident that it is in a strong enough include Sol Melia Vacation Club units.
INTRODUCING THE
TOP OF THE PARK LANE.
We cordially invite you to experience a
higher level of luxury and service at the
newly redecorated Top of the Park Lane.
Charming evenings, elegant surroundings
and sunrise on Central Park—all at a
CLASSIC
surprisingly affordable rate.
GLAMOUR
WITH A
MODERN SPIN
06.03.2009 27
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