Portorož hotel chain steps up investment
LifeClass spokesperson Janez Janger said revenues were up 8% to EUR 25m last year and earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 40% to EUR 5m.
The upbeat earnings have allowed the company, which operates six hotels on the Slovenian coast, to embark on a EUR 11m investment drive that will see the renovation of two hotels, a beach and a pool complex featuring seawater.
This is the most important year in the mid-term for investments at the company owned by the Istrabenz conglomerate, said Jager, who expects it will help the group continue to raise revenues in a highly competitive market.
Despite some of the hotel capacities being unavailable for renovations, the chain saw revenues beat projections by 25% in the first quarter of the year.
The chain announced a deal with Chinese company Homing Swallow which is expected to bring small groups of Chinese tourists to Portorož. LifeClass expects that Chinese guests will generate 10,000 to 15,000 overnight stays as part of the deal.
Talks are also underway with Chinese partners for exporting concepts used by the chain focusing on wellness products to the Far East with the help of Slovenian know-how.