CEBU, Philippines - Publicly-listed hotel chain, Waterfront Philippines Inc. (WPI) reported positive growth performance in 2011, despite the significant reduction of its main feeder markets, China, Hong Kong and Taiwan, and challenges in the industry during the year.
In his report during the company’s Stockholders Meeting held over the weekend at its flagship property at the Waterfront Cebu City Hotel and Casino, WPI president Kenneth Gatchalian reported to stockholders that the company managed to hit a positive growth level in 2011.
The group has performed steadily with hotel operations generating P2 billion, a tremendous increase of 45.95 percent from 2010’s P1.93 billion.
Gatchalian reported that rooms contributed 30 percent or P607.41 million revenues while food and beverage put in a share of 29 percent or P584.01 million.
“Despite the significant reduction in our main feeder markets and the challenges in the industry, we have managed to generate income and increase our productivity. How did we do it? We achieved our targets by stimulating growth independently and increasing customer satisfaction by improving the product itself,” he said in his report.
Group average room rate was at P1,907.00. Average revenue per available room (revPAR) was at P1,183.11.
Performance of its subsidiaries, which had a strong showing last year include Mayo Bonanz which generated grow revenue of P92.26 million, as 4.59 percent increase from last year’s P88.26 million. Citigym has also reflected an increase of 7.25 percent in its revenues, from P14.75 million in 2010 to P15.82 million in 2011.
“More than ever, the growth of our subsidiaries demonstrates that a significant stream of income can be generated through complementary and enhancing services,” he said.
Gatchalian stressed that the group’s innovative efforts to counteract dwindling tourism figures and create interest in our markets---both existing and potential ones—have allowed the company to stay afloat. “We continue to drive our marketing efforts along both offline and online channels.”
During the year, its online bookings have contributed 22 percent of total hotel revenue, representing a 38.50 percent growth rate from 2010. (FREEMAN)