Positive 2007 Results for Parkroyal Hotels & Resorts

Parkroyal Hotels & Resorts enjoyed strong performance in 2007, as was revealed in the 2007 Annual Report of Hotel Plaza Limited (HPL), released at HPL’s 39th Annual General Meeting held at the Pan Pacific Hotel in Singapore. The 2007 performance results saw HPL’s profit before exceptional items, fair value gain and tax increased by 55% to Sin$59.9million from Sin$38.8 million achieved in 2006. Of its portfolio of 11 hotels in Asia Pacific, six are branded as Parkroyal hotels.

Based on the theme of ‘Successful Growth’, the Annual Report has revealed Hotel Plaza Limited’s plan to embark on a strong expansion route of spreading its Parkroyal master brand by securing more hotel management contracts.

“The performance results have shown increased confidence in the Parkroyal brand and cementing our plans to have a greater presence in the Asia Pacific region,” said Ms Wee Wei Ling, Executive Director of Parkroyal Hotels & Resorts.

The Parkroyal brand was first established in 1962 in Melbourne, Australia. By the 1980s, it had built an international reputation for a distinctive and personalized experience. With the brand rights acquisition by HPL in 2002, the Parkroyal brand has been progressively introduced and currently there are six Parkroyal hotels in Singapore, Malaysia, Myanmar and Vietnam.

Ms Wee Wei Ling added, “Our team’s attention to detail, the warmth of our staff, and the quiet sophistication and understated charm of our hotels combine to create an award-winning ambience that is welcoming and cheerful. Ensuring the comfort of our customers with a good night’s sleep is what our rooms division continuously strives to achieve.

Parkroyal’s vision of providing our customers with the utmost care and a delightful experience spurs our strong management team and diligent employees to be united and driven, striving to exceed expectations by going the extra mile.”

Based on the Annual Report, there has been a 31% growth in the number of Parkroyal rooms from 1,496 rooms in 2000 to 1,956 rooms in 2007.

Milestones for Parkroyal Hotels & Resorts in 2007 included:

• the completion of the Sin$25 million refurbishment to most of the public areas, guestrooms and façade at Parkroyal on Kitchener Road,

• the remodeling of 29 Orchid Club Premier Rooms at Parkroyal on Beach Road,

• the addition of 78 Orchid Club rooms at Parkroyal Kuala Lumpur and

• the signing of a management contract for Parkroyal Saigon.

With the above investment efforts and enhancement of the signature Parkroyal guest experience, the Parkroyal Group achieved its ‘Successful Growth’ with most of its properties, namely:

• In Singapore, the 534-room Parkroyal on Kitchener Road enjoyed an average occupancy of 79% during 2007, and the average room rate achieved impressive growth of 49% as compared to 2006. The average occupancy of the 343-room Parkroyal on Beach Road was 87% in 2007. When compared to 2006, the average room rate increased by 27%. During the year, the hotel completed the remodeling of its Orchid Club Premier rooms.

• In Malaysia, Parkroyal Kuala Lumpur’s average room rate rose by 13% during 2007 and Parkroyal Penang’s average occupancy increased by 10% from 2006 to 2007.

• In Myanmar, Parkroyal Yangon’s average room rate increased by 11% year on year.

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