Thu, Jun 20, 2013 - Page 14 News List

Hotels group retains H2 expansion plan, despite uncertainty

By Amy Su  /  Staff reporter

Despite the global economic uncertainty ahead, Formosa International Hotels Corp (FITC, 晶華國際酒店集團) chairman Steven Pan (潘思亮) yesterday said the company would continue with its expansion plan in the second half of the year.

“For the hotel sector and its supplementary catering segment, consumption sentiment remains good,” Pan told a media briefing after holding an opening ceremony for its third budget hotel under the Just Sleep (捷絲旅) brand in Taipei.

Located next to National Taiwan University in Taipei, the new Just Sleep hotel has 76 rooms, with university alumni and friends its target market.

The company expects the hotel’s occupancy rate to average more than 80 percent.

It plans to launch three more hotels — in Greater Kaohsiung, Hualien County and Yilan County — under the brand in the second half of the year, which Pan said would support the company’s revenue growth this year.

Other than the brand Just Sleep, Formosa International Hotels aims to launch two more hotels under the Regent Hotels and Resorts brand by the end of this year, which should be another major driver for revenue and profit growth this year.

The two hotels will be located in Bali, Indonesia, and Porto Montenegro, Montenegro, it said.

The company is scheduled to hold its shareholders’ meeting on Friday next week. It plans to distribute a cash dividend of NT$8.79 per share and a stock dividend of 10 percent, based on last year’s earnings of NT$1.09 billion (US$36.38 million), or NT$11.24 per share.

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