Unfortunately, 2016 was a disappointment. Revenue and profits increased, but not at the levels that were budgeted. Occupancy and average daily rate (ADR) growth fell short of expectations, which led to a revenue shortfall. While the lower occupancy levels resulted in less expense growth, it was not enough to offset the limited revenue growth. Therefore, the goals for increases in profits were not met.
The Central/South America region reported an 8.4% year-over-year decrease in rooms under contract, according to STR data.
The resort will be rebranded as Mandarin Oriental, Canouan in the first quarter of 2018. The Group will also brand and manage a portfolio of new Residences at Mandarin Oriental, to be located near the hotel and scheduled to be available in 2020.
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