The Flying Elephant hotel group shows solid results for 2017. The group comprises the hotel chain First Hotels, the property company Host Hoteleiendom and the Tribe Hotels operational chain, et al.
For Flying Elephant, 2017 was a solid year in line with long-term planning. All subsidiaries deliver positive results before depreciation and write-downs, and they are furthermore subject to significant investment to ensure the continuation of the positive development.
“We are in important times and began a major venture in 2017, where all subsidiaries will undergo a significantly upgrade. This benefits our guests in terms of new hotel projects, extensive property refurbishments and a major technology initiative,” says Asmund Haare, owner and chairman of Flying Elephant.
The Flying Elephant results show a turnover of almost NOK 1 billion and a profit before depreciation and amortisation of more than NOK 100 million. Adjusted for sales gain in 2016, both results are on a par with last year.
The aim of the efforts is to challenge established industry perceptions. For instance, by adopting a new approach to the hotel experience itself. This makes the hotel chain well equipped for further growth.
“We are witnessing a huge technological development that can increase guest satisfaction and customer loyalty, while at the same time achieving significant cost savings. The hotel industry has not yet optimised the opportunities this development offers. We wish to change this and our goal is to set new industry standards and to be at the forefront of innovation. A leading technological platform is also currently preparing our foundation for further growth,” says Haare.
Coinciding with the technology initiative, the Group is also optimising its hotel portfolio.
“We want to see great synergies in the development of both new hotels and the refurbishment of existing ones. This will significantly improve the hotel portfolio, which in turn will positively support the reputation of the hotel chain and impact the company’s turnover as well as the solidity of the real estate company,” Haare points out.