Marylebone Warwick Balfour reports it has performed “in line with board expectations” in an interim management statement issued today.
The group reported a softening in room rate reflecting a tightening of corporate demand across its Boutique hotel group, Malmaison and Hotel du Vin, in which MWB holds an 82.5% interest.
The opening of a hotel in Poole takes the number of operating hotels to 23, ahead of plans to open a further three hotels during the remainder of 2008.
Regent Street emporium, Liberty, which is 68% owned by MWB, has seen increased footfall and revenue over the past three months as the changes implemented within the store during the last year increasingly appeal to its customer base.
MWB Business Exchange, the flexible office space provider in which MWB holds a 68% interest, has maintained occupancy levels.
Enquiry levels remain strong and the earnings momentum reported for the first half has continued during the third quarter.
In line with market movements, we anticipate a slowing down in the rate of growth in the future as the corporate occupancy market softens.
Chairman Eric Sanderson said: “Despite turbulent financial markets and the impact of the credit crunch, I am pleased to report that our three operating divisions are currently performing well and in line with board expectations.”
