With Rs 419 M profits, an increase of 14% compared to last year, LUX* Resorts & Hotels ends the year on a positive note. The turnover is of Rs 5.2 billion, which represents a rise of 11% compared to 2015. The finan-cial year, ending on the 30th of June 2016, highlights the winning strategy implemented in Mauritius, Mal-dives, Reunion island and China, which has allowed to transform the hotel group. Recently, LUX* Resorts & Hotels has announced the sale of Tamassa Resort. LUX*’s strategy is to have more and more management contracts for its hotels; as a matter of fact, more than half of the rooms of the group will be managed under this model by mid-2017.

“The business model, based on the management of hotels rather than on the ownership, will allow us to con-solidate our financial base and proceed with our growth strategy. We are confident that our overseas expansion plan, with new management contracts in Asia, will guaranty the sustainability of the group in the long term. The transfer of ownership of Tamassa Resort illustrates well the method we have adopted. The proceeds will be invested into the 5-star hotel in Grand-Bay, where the Merville Beach Hotel currently stands. LUX* Grand Bay should help to reinforce the net worth of the group and increase our gross operating surplus”, has declared Paul Jones, CEO of LUX* Resorts & Hotels.

Concerning the figures, we note an increase of 8% in the occupancy rate as compared to 2015. This is the performance that the hotel group wants to sustain for the second half of the year, backed by the LUX* South Ari Atoll which is fully operating as at September 1st. The Maldives’ hotel has undergone renovation works that involved 25% of its property, including 45 villas, in 2015. The hotel closed on 1st June to complete the renovation works. Amidst a complex business environment, the group has been able to generate a turnover over Rs 5 billion, with profits amounting to Rs 419 million and an Earnings before Interest Tax Depreciation and Amortization (EBITDA) of Rs 1,12 billion, which equals to an increase of 7% compared to 2015.

“We owe our success to our 3,000 team members who work tirelessly to make each moment memorable. It is their commitment, passion and energy that form the basis of our success. Although the global situation is con-stantly changing, mostly due to the Brexit, we are confident that our overseas expansion strategy, reinforced by our dynamic and dedicated team, will allow us to develop the growth strategy of LUX* Resorts & Hotels on the long term”, highlights Arnaud Lagesse, Chairman of the board. The hotel group predicts improved results for the second half of the year, compared to the same period last year, helped by LUX* South Ari Atoll that will be fully operational by that time. LUX* Resorts `& Hotels firmly believes that it will be able to sustain its performance for the whole finan-cial year ending on 30th June 2017