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Zara Investment Holding shares in continental business rise to 51.1% in 2014

Zara Investment Holding shares in continental business rise to 51.1% in 2014

AMMAN: Inter Continental Jordan Hotel recorded last year its best performance ever, according to Zara Investment Holding’s 21st annual report which listed it at the top of 5-star hotels in Jordan.

In a disclosure to the Amman Stock Exchange, Zara’s annual report indicated that, in 2014, the 450-room hotel achieved a 69.9 per cent occupancy rate compared to 62.7 per cent in the previous year and that the average room rate was JD129.4 compared to JD128.8.

It showed that InterContinental Jordan Hotel, 51.1 per cent owned by Zara Investment Holding, generated JD25.5 million in operational earnings last year (JD23.4 million in 2013). After accounting for operational costs that amounted to JD17.5 million, compared to (JD17.1 million in 2013) net earnings of the hotel stood at JD8 million (JD6.3 million).

The report detailed the performance of the other six 5-star hotels under Zara’s ownership indicating that net income from the 316-room Grand Hyatt Amman Hotel and its connected 90-room Hyatt Tower furnished apartments stood at JD5.1 million (JD4 million). Operational earnings totalled JD17.3 million (JD15.1 million) and operational costs came at JD12.2 million (JD11.1 million).