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Fairmont’s losses grow
Fairmont Hotels & Resorts, the Canadian hotel operator which manages the Savoy in London, has announced deepening losses for the first quarter of 2005.
Despite a slight rise in group sales from $177.1m (£94m, E138m) to $179.3m (£95.2m, E140m) during the three months to 31 March, the Toronto-based company said first quarter revenues from its hotels fell from $155.4m (£82.5m, E121.2m) to $148.7m (£79m, E116m).
Despite the fall, the company remains optimistic and intends to continue to expand the Fairmont brand.
William Fatt, chief executive, said: “It is important to note that our first quarter results are not indicative of those which may be expected for the full year due to the seasonality associated with our portfolio.
"For our busy summer season, we are encouraged by early signs that a number of our segments look strong compared to last year.”
Fairmont manages 82 hotels in eight countries.
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