Abu Dhabi hotel group posts $124m profit

ADNH says it is committed to adding two new hotels to its portfolio during 2009.
Abu Dhabi hotel group posts $124m profit
By Andy Sambidge
Fri 13 Feb 2009 08:07 AM

Abu Dhabi National Hotels (ADNH) has reported a net operating profit of AED456.2 million ($124m) in 2008 - a growth of 27.3 percent on the 2007 figure.

The UAE hospitality group, which has interests in hotels, catering, tourism and transport, attributed the increase in operating profits and revenues to the its performance in the hotel division and gains in other operating sectors.

ADNH said total operating revenue increased 29.5 percent to AED1.7 billion, but earnings generated from overseas and local investments trimmed net annual profits by 37.9 percent to AED292.7 million, according to a statement on the company's website.

The company owns 14 hotels in Abu Dhabi and Fujairah, many of which are operated by international groups such as Hilton, Mercure, Sheraton and Le Méridien, and has plans to add two more to its portfolio in 2009 - the Sofitel Jumeirah Beach and Al Diar Barsha Hotel and Apartments in Dubai.

Three hotels are currently under construction in Abu Dhabi - the JW Marriott Resort and Spa, Park Hyatt Saadiyat Island and Capital Centre Hotel, the company added.

ADNH announced earlier this week that construction of the ADNH Resort and Spa to be operated by Marriott International in Abu Dhabi is well on track with the luxury development set to open by the middle of next year.

ADNH said it was committed to reinforcing its development drive in Abu Dhabi and the UAE during this year, while raising the company's profile as a regional force in the tourism and hospitality sectors.

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