Sterling Holiday Resorts Reports Profit in Q3, Witnesses Improved Occupancy and Increased Room Rates
Occupancy rate in December 2021 rose to 69%.Average Room rates up 24% over last year Q3.Resorts added in Alleppey & Gir. Brownfield at Igatpuri signed. 7th February 2022, Mumbai: One of India’s leading leisure hospitality brands,
- Occupancy rate in December 2021 rose to 69%.
- Average Room rates up 24% over last year Q3.
- Resorts added in Alleppey & Gir. Brownfield at Igatpuri signed.
7th February 2022, Mumbai: One of India’s leading leisure hospitality brands, Sterling Holiday Resorts Ltd. has beaten the trend and despite a complete 3-month impact of the pandemic in the summer season resulting in only 6 months of operation, the company has reported a profitable Q3 and a profitable Financial YTD.
Riding on the October to December holiday season, Sterling recorded an increased occupancy of 69% in December and 62% in Q3 compared to 46% in the previous quarter. That, along with a 24% growth in the average room rate compared to last year Q3, resulted in an 88% growth in Revenues and an 85% growth in the EBITDA.
The management used the learning from the first lockdown to gear up and prepare itself well, which has resulted in its ability to ride the second lockdown and yet report profits. Sterling undertook a number of initiatives to improve processes such as digitization across critical processes to enhance the customer experience. It has also taken up several initiatives to control costs including virtualization of acquisition processes and increase in membership sales from onsite locations, resulting in higher margins.
In line with its previous announcement on its aggressive expansion plans, Sterling Holiday announced the opening of Sterling Lake Palace Alleppey and Sterling Rudra Gir in this quarter and also announced the signing of a Brownfield resort at Igatpuri. The brand has also expanded the presence of its signature restobar – Sterling LOCAL – with launches in 6 more resorts. More such launches are planned in the next quarter to give Sterling LOCAL a pan-India presence.
Talking about the remarkable recovery from the pandemic, Ramesh Ramanathan, CMD – Sterling Holiday Resorts Ltd said, “During the pandemic, we effected a number of changes in our critical processes to enhance our productivity. We also started a number of initiatives to control our costs. We have since sustained these initiatives and this has helped us remain profitable even in these challenging times.”
Sterling CARES: a 360-degree comprehensive hygiene and safety protocol program in association with Apollo Clinics continues to ensure good health and safety of resort’s employees, guests, and all stakeholders across locations.
ABOUT STERLING HOLIDAY RESORTS LTD.
Sterling Holiday Resorts Limited is a leading leisure hospitality company in India which has been delivering great holidays since 1986. The company pioneered Vacation Ownership and has a network of resorts at some of the best holiday destinations in India. Currently, Sterling has resorts located in Alleppey, Anaikatti, Corbett, Dabhosa, Darjeeling, Durshet, Gangtok, Gir, Goa, Godavari, Guruvayur, Jaipur, Kanha, Karwar, Kodaikanal, Kufri, Kundalika, Lonavala, Manali, Mount Abu, Munnar, Mussoorie, Nainital, Ooty, Puri, Rishikesh, Sajan, Sariska, Srinagar, Thekkady, Wayanad, Thiruvanamalai, Yelagiri and Yercaud. Sterling Holidays also owns ‘Nature Trails Resorts Private Limited’ – an adventure holiday company that operates resorts at four unique destinations in Maharashtra.
Sterling Holiday Resorts Limited is a 100% independently managed subsidiary of Thomas Cook (India) Limited (TCIL), India’s leading integrated travel and travel related financial service