POSTED IN: HOST News // Monday, May 12th, 2014

Host Hoteleiendom, a subsidiary of Flying Elephant AS, achieved solid results in 2013. The company sold the properties First Hotel Amaranten in Stockholm, and First Hotel Skt . Petri and First Hotel Vesterbro in Copenhagen, contributing to an EBITDA of NOK 678 million.

“The proceeds from the sale of these properties were substantial, and demonstrate the company’s potential. Ever since its establishment in 1993, Host Hoteleiendom has proved its ability to create significant added value, and has made a number of investments over the years which have resulted in sizeable returns,” says company President Gisle Tangenes.

Strengthened after the sale                                                                                                                                

Over the course of 2013 the company repaid a large portion of its external borrowings, and has now a low loan-to-value ratio customwritingessay.org.

“This is a good starting point from which to further develop the company’s property portfolio and new assets. The Scandinavian hotel property market is promising, and we are constantly searching for good investment opportunities,” says Tangenes.

At the start of 2014 Host owns 16 properties: one hotel in Denmark, four hotels in Norway and eleven hotels in Sweden. In addition, the company has three development sites at its disposal.

Positive developments

The company sold two operating units to the parent company Flying Elephant in 2013. As a result, Host is now purely a property company, whose portfolio is growing steadily more attractive.

“The hotel accommodation market was better in 2013 than in 2012, with both price and volume improving in all three of the national markets in which Host owns hotel properties. This in turn will boost the value of our properties,” says Tangenes.

 

Key figures (NOK million):

2013

2012

2011

Gross operating revenue

872

419

418

Operating profit (EBITDA)

678

236

244