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Parisian hotelier Club Med narrows its losses and forecasts optimistic results in 2011

News Club Méditerranée, a Paris based hotelier, has posted its financial statement for 2010 (financial year ends on October 31). The company is very optimistic about its position in 2011 as in 2010 Club Med managed to meet the main goal – to become cash flow-positive.

The company, which owns several hotels in France, has managed to narrow its net loss from 53 million of Euro in 2009 to 14 million of Euro. This year the company has spent much money on repositioning, enhancing targeting on upscale hotel market and getting rid of unprofitable properties. If exclude these one-time expenses, Club Med shows a significant profit of 8 million of Euro.

Currently the properties of the company already have around 14% of bookings for winter months and an increase in operating income of 16.6%. These facts make Club Med make positive forecasts concerning 2011. As the fiscal year has started preferably, the company expects double-digit growth in winter bookings. In the nearest future Club Med will open 2 new villages and will hold a series of events that haven’t been organized for a long time, mentions the company’s CEO Henri Giscard d’Estaing.

This month the company opened 2 new properties – the 377-key Club Med Sinai Bay hotel in Egypt and the 283-key Club Med Yabuli hotel in China, the first accommodation in this country.

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