ADNH Net Profits Jump 27.8 Percent
Abu Dhabi National Hotels (ADNH) net profit increased 27.8 percent during the first nine months of the current fiscal year, despite the biggest drop in hotel room revenues in six years. ADNH, which owns Le Meridien, the Hilton, and Al Diar line of hotels in Abu Dhabi, reported net profits increased to Dh372.5 million (US$101.4m), up from Dh291.5m) for the same period last year.
ADNH chairman Saif al Hajeri said all business divisions continue to thrive and “Hotel operations are performing positively as high rates of occupancy and stable room rates were registered in all international and Al Diar hotels.” Executive vice-president of Jones Lang LaSalle Hotels said the capitals hotel industry has been helped by a room shortage and major events. However STR Global data shows revenue per available room (RevPar) dropped by 16.9 percent in September compared to the same month last year. Average daily room rates fell 6.8 percent to $200.52.
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