Results highlights
Loss in 3Q15 was due to the low season and the August bombings in
Bangkok. But, lower loss YoY came on revenue growth of 21% to Bt1.2bn,
from a rise in the total room numbers at four hotel brands (Ibis Krabi,
Mercure and Holiday Inn Pattaya, and its 10 budget Hop Inn hotels) and a
5% YoY system-side hotel RevPar growth for 3Q15. The occupancy rate
mean jumped from only 62% in 3Q14 to 71% in 3Q15, which beat a 9%
mean room rate contraction YoY due to low rates at Hop Inns. Excluding
that outlet, the room rate mean slightly dipped 2% YoY. Most categories
have strong RevPar growth YoY: up 13% for Bangkok luxury hotels, 31%
for luxury resort, 11% for mid-range, and 12% for economy hotels. Hotel
GM rose 3.7% YoY but dropped 0.8% QoQ to 48.6% in 3Q15. Its net
gearing ratio rose slightly from 1.7x at end-Jun to 1.8x at end-Sep.