Emaar Hospitality records $243m in H1 revenues
Group's hospitality division registers 16% increase year on year
Emaar Properties’ hospitality and leisure business recorded revenues of AED893 million (US $243 million) in the first half of 2014.
The revenue marks a 16% increase over the same period last year, when the group recorded AED771 million ($210 million).
Emaar Hospitality’s revenues during Q2 were AED410 million ($112 million) – 16% higher than Q2 of 2013’s revenue of AED354 million ($96 million).
The results also revealed that the group’s flagship Address Hotels + Resorts reported average occupancy of 89% during H1 2014.
Overall, Emaar Properties recorded a net profit of AED1.731 billion ($471 million) during the first half of 2014 – 41% higher than H1 profits in 2013.
Led by the strong performance of the malls and hospitality business segments, Emaar’s revenue for the first six months of 2014 was AED5.063 billion ($1.378 billion), similar to H1 2013 revenue of AED5.219 billion ($1.421 billion).
Emaar Hospitality Group has 12 hotels in its portfolio and owns and manages a diversified portfolio of hospitality assets including hotels, serviced residences, golf retreats, a polo and equestrian club.