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Jarvis beds down with Marriott's Ramada
Jarvis Hotels has announced a 20-year franchise agreement with Marriott International. Of its 66 hotels, 56 will be rebranded under the US Group's Ramada International flag. Chair, John Jarvis, declared the name change as the company announced a 12 per cent rise in annual pre-tax profits and signalled plans to raise cash from a review of hotel assets: The Board's decision to take the company forward in a new direction will meet the challenges of the changing market place. Under the new deal, the 56 hotels will be divided into three sub-brands. The majority will become Ramada-Jarvis hotels, the London property will become the Ramada Plaza and the Jarvis Gloucester Hotel will become a Ramada Resort. The 272-room Jarvis Piccadilly in Manchester will be rebranded once a major £24m refit is completed in spring 2003. Pre-tax profits in the year to March 31 rose from £27.8m to £31.1m, of which £1.95m was an exceptional gain on the sale of eight hotels for £10.6m. Sales were 12 per cent up at £177.1m. The average room price increased 3.5 per cent to £53.38 and revenue per available room was up 6.8 per cent at £36.74. Analysts have given Jarvis' announcement the thumbs-up, commenting that the focusing on hotel management and reduced exposure to the £500m property base is welcome. However, a key issue will be how much revenue per available room grows after the increased costs of becoming a franchise.
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