SOL Melia, the hotel chain presided over by Gabriel Escarrer, increased its net profit by 51 percent last year in comparison with 2005.
It exceeded all expectations with regard to receipts and volume of business in all three hotel divisions of the company and the Sol Melia Vacation Club leading to the improvement of its financial situation.
Their net profits, according to figures from the chain, rose to 136 million euros, in comparison to 90 million in 2005, and their turnover, which had an increase of 7.9 percent, was 1'257 million euros.
Company sources expressed their satisfaction with these results which confirm the success of the company's strategic plan.
With regard to purchases, the company bought 475 hectares in Salvado de Bahia (Brazil) on which it will build a tourist complex which will include a hotel, units for the Sol Melia Vacation Club, residential places and a shopping centre, which could be ready by 2008.
Of its three hotel divisions, Sol Melia said there was a recovery in urban hotel tourism during the past year, and excellent results for the company's holiday hotels, especially those in Spain and the Dominican Republic. The Sol Meliá Vacation Club will continue expanding in the Canary Islands and the Caribbean, with a 70 per cent rise in sales and 51 per cent rise in income to nearly 87 million euros, the company said.
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