Hotels Maestral Increased Revenue by 47 Percent in the First Quarter Despite a Loss of 7.3 Million Kuna

Dubrovnik’s Hotels Maestral increased their business revenues by 47 percent in the first quarter of this year compared to last year, reaching 1.36 million kuna, but also recorded a loss, which is typical for the first part of the year, amounting to 7.3 million kuna, according to the financial report published by the company on Tuesday.

The management report states that this hotel company started the 2018 season on February 11 when the Splendid hotel welcomed its first guests, followed by the Uvala hotel the next day. In the first three months, a total of 3,651 rooms were sold, resulting in 6,771 overnight stays, mainly from Scandinavian guests.

The winter operation of these two hotels, and then the Vis hotel which opened on March 28, 2018, in the same arrangement, significantly impacted business revenues, which increased by 47 percent compared to last year, reaching 1.36 million kuna.

>>>The profit of Hotels Maestral rose to 4.15 million kuna

Business expenses amounted to 9.15 million kuna, which is 25 percent higher than in the same period last year. The increase is attributed to rising variable costs and planned investments in the renovation of accommodation capacities to maintain the existing hotel category and improve quality, the management explains.

Staff costs increased by 8.5 percent due to more hours worked in hotels that opened nearly a month and a half earlier than last year, it is stated. At the end of March, the company employed 141 workers, of which 120 were on permanent contracts and 21 seasonal workers.

>>>CERP Received 24 Non-Binding Offers for Hotels Maestral

Hotels Maestral is the only tourism company still in majority state ownership and is currently in the process of selling or seeking a strategic partner.

By the beginning of April, the Center for Restructuring and Sale (CERP) received 24 non-binding offers for the purchase of a 68.9 percent state stake in the Dubrovnik hotel company Hotels Maestral in the second attempt at selling in the last six months.

In the last tender completed in February, 40 letters of intent were received for these hotels, and after that, only one binding offer was made, which was rejected.