Revenue of $122.3 million, up 4% from the prior-year quarter; up 12% on a constant currency basis
Net losses attributable to Belmond Ltd. of $24.6 million, compared with net losses of $29.8 million for prior-year quarter
Adjusted net losses from continuing operations of $5.8 million, compared with adjusted net losses of $6.3 million for prior-year quarter
Adjusted EBITDA of $22.6 million, up 41% compared to adjusted EBITDA of $16.0 million for prior-year quarter
Same store revenue per available room (“RevPAR”) down 2% from prior-year quarter in US dollars and up 6% in constant currency
Full Year 2018
Revenue of $576.8 million, up 3% from the prior year on both a US dollar and constant currency basis
Net losses attributable to Belmond Ltd. of $28.5 million, compared with net losses of $45.0 million for the prior year
Adjusted net earnings from continuing operations of $30.6 million, compared with adjusted net earnings of $12.1 million for prior year
Adjusted EBITDA of $146.9 million, up 18% compared to adjusted EBITDA of $124.0 million for prior year
Same store revenue per available room (“RevPAR”) up 5% from prior year on both a US dollar and constant currency basis
Belmond Ltd. (NYSE: BEL) (the “Company”), owners, part-owners or managers of 46 luxury hotel, restaurant, train and river cruise properties, which operate in 24 countries, today announced its results for the fourth quarter and full year ended December 31, 2018.
Roeland Vos, president and chief executive officer, remarked:"The strong growth momentum we generatedthroughout 2018 continued into the last three months of the year. Although the fourth quarter is seasonally small, adjusted EBITDA increased 41% in the period when compared to the prior year. We came in towards the top-end of our previously guided RevPAR range of 3-7% in constant currency terms, closing the quarter with a 6% rise over last year.
We also achieved several significant strategic objectives within the quarter. We announced in December the execution of an Agreement and Plan of Merger with LVMH, pursuant to which LVMH will acquire the Company for $25.00 per Class A share in cash. The announcement follows a comprehensive review by the board of the Company’s strategic alternatives and, subject to the satisfaction of conditions to closing, we believe the consummation of this deal will maximize value for our shareholders. We believe that this deal represents an exciting new chapter for our Company and we are pleased that the merger proposal was approved by the overwhelming majority of our shareholders at the special general meeting on February 14, 2019. We expect the transaction to close in the second quarter of this year.
Meanwhile, two strategically important properties reopened in December: Belmond La Samanna in St. Martin, and our defining asset in the Caribbean, Belmond Cap Juluca, in Anguilla. Our ongoing efforts to increase brand awareness resulted in Belmond being named 'British Luxury Brand of the Year' at the Walpole British Luxury awards in November. Additionally, full-year adjusted EBITDA climbed to $146.9 million, representing an 18% increase year-over-year. This performance put us towards the top-end of our guidance range and stands as one of the strongest in the Company's history. Together, these strategic achievements and our operating results highlight the overall strength of the Company’s performance in 2018.
As we look ahead, we see positive indications across our existing portfolio for 2019. Belmond Cadogan Hotel, our newest and first hotel under a management agreement in the flagship city of London, will open tomorrow. We are working hard to accelerate several strategic initiatives that began to generate promising returns in 2018, as we seek to achieve our full-year growth projections again, this year and beyond. Today, Belmond is a growing business with an exceptional portfolio of iconic luxury properties, and incredibly talented employees. As a Company, we have taken great strides forward in recent years, and I am confident that Belmond’s ability to deliver timeless, one-of-a-kind luxury experiences will continue to reach new levels."
This press release has been selected by Frédéric Abadie
Frédéric Abadie Managing editor of Journal des Palaces, previously editor-in-chief for French radios and newspapers, founder of news agencies for Internet service provider (1998-2002) and author of French politicians biographies.