Action Hotels PLC: 29% Increase in Number of Hotel Rooms Set at IPO
LONDON, August 23, 2016
Action Hotels, the leading owner, developer and asset manager of branded three and four-star hotels in the Middle East and Australia, is pleased to report that, without raising any further equity, it has outperformed management’s expectations set out at IPO with regards to the number of rooms in operating and pipeline hotels by 29%, with total rooms totaling 3,257 vs. 2,516.
With the recent hotel openings, Action Hotels now has 11 operating/completed hotels with 2,032 rooms and is on track to complete further 384 (488) rooms by end of 2016.
As previously reported, the Group’s hotels continue to contribute strong average occupancies and the Kuwaiti hotels, ibis Sharq and ibis Salmiya, remain top performers.
Action continues to evaluate potential additions to the pipeline of both greenfield sites and existing hotels.
About Action Hotels PLC
Action Hotels is a leading owner, developer and asset manager of branded three and four star hotels in the Middle East and Australia. Established in 2005, Action Hotels currently has eleven completed hotels with 2,032 rooms in aggregate across the Middle East and Australia, with further properties in development in both regions.