Announcements
NPRO - RevPAR in June for Norgani
Norgani's Norwegian and Finnish hotels had a very positive development in June. The Swedish hotel numbers were also positive, but were slightly weaker due to refurbishment of Scandic Malmen in Stockholm (on average approximately 60 room were upgraded during June). RevPAR year to date for the Swedish hotels is now positive, whereas the Finnish hotels are approaching positive numbers.
RevPAR (Revenue Per Available Room) as reported from the operators of Norgani's hotels in June were (performance in 2010 compared to same period in 2009):
| RevPAR, change from 2009 to 2010 | June | This period Year to date (per June) | Last period Year to date (per May) | Norgani revenue split 2009 |
| Norway | +10.7% | -3.0% | -6.9% | 23% |
| Sweden | +0.3% | +0.1% | +0.1% | 45% |
| Finland | +7.1% | -1.0% | -3.0% | 27% |
Norgani's revenues are generated as a percentage of the hotel operators' revenues (room revenue and other revenues). Improving RevPAR will consequently be positive for Norgani's revenues going forward. Norgani has 3 hotels in Denmark which currently only generate minimum rents or pay fixed rents.
CEO Anders Vatne in Norgani comments:
- We are positively surprised by the strong RevPAR-figures, especially in Norway and Finland which earlier have been lagging the Swedish market. The growth is to a large degree positively impacted by private travel activity. The business travel market is still relatively flat.
- Also in June the development in Sweden is positive, though the numbers are somewhat weaker than the general market. In June on average about 60 rooms (which are included in available capacity) in Scandic Malmen have not been available due to refurbishment.
- The development confirms that the hotel market is stabilising. The development is still volatile, and we expect to see single months with large changes compared to the same period last year.
Norgani intends to publish RevPAR figures for July in early September. General market data for June has already been or will be published in August by the statistical authorities in the respective Nordic countries.
For further information, please contact:
Anders Vatne, CEO Norgani
Tel. +47 92 69 77 00
Svein Hov Skjelle, CFO Norwegian Property
Tel. +47 93 05 55 66