What does a hotel company do when profits are growing steadily? Mauritius-based hotels group Lux Island Resorts wants to expand its Asian presence.
Following a 6.4-percent rise in pre-tax profit for the full-year ending in June, Lux Island Resorts CEO Paul Jones said that the company would look to have between 20 and 25 hotels in Asia within 10 years. Currently, beyond Mauritius, the company has properties in Maldives, China, the UAE, Turkey and Vietnam.
Pre-tax profit increased to 480.93 million rupees ($13.70 million) during the year to June from 451.59 million rupees in the previous period. (An 11-percent increase in visitor arrivals helped.) Revenue, meanwhile improved to 5.15 billion rupees from 4.65 billion rupees despite the disruption of renovation works on one of its units in Maldives.
The company also recently completed a notable sale. In late August, Lux’s subsidiary company Néréide Limited signed a deal with Mauritius-listed Mara Delta Property Holdings for the sale of the Tamassa Resort (pictured) for $40 million. The sale is subject to certain conditions precedent, including approval from the relevant Regulatory Authorities. The property will be leased back to Néréide Limited for an initial period of ten years, and the lease will be renewable at its option.