Substantial amount of expenditure, i.e. nearly PLN 40mn, was expended already in 2013, predominantly for the modernisation of the Mercure Warszawa Centrum hotel and the first stage of comprehensive modernisation of the Sofitel Warszawa Victoria. In Sofitel, modernisation works will continue in 2014 and will cover subsequent rooms, public areas on the ground floor, including the main entrance, conference rooms and technical installations. Works are scheduled to come to an end in Q3 of 2014. The total cost of the two-year modernisation has been assessed at around PLN 33mn.
Subsequent renovations of interiors will be carried out in the Novotel Warszawa Centrum, the biggest hotel in this part of
In addition to investments on the
Other properties to be modernised in 2014 include economy hotels. These hotels' public areas will be redesigned in line with the Avanzi concept that brings street art and graffiti to hotels. Some economy hotels, including ibis Warszawa Centrum, ibis Ostrobramska and ibis Krakow Centrum, were modernised already in 2013.
In 2013, the
At the end of 2013, the Group consisted of 63 hotels (vs. 57 units a year earlier). Last year, its occupancy rate improved by 3.0pps y/y to 58.8%, while the average room rate was down to PLN 211.2 from PLN 233.2 a year earlier.
The firm's management also pledged to recommend dividend at a level not lower than last year, when it amounted to PLN 1.4 per share.
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