In the 1st quarter, RevPar at Comparable Hotels in Europe grew by 11%, benefited from the shift in the Easter Vacation calendar, which unlike last year, it took place in April instead of march, making the comparison easier.
�� ADR in comparable hotels in Europe rose by a 4.1%, being responsible for the 40% of the total growth in RevPar.
�� A table of January-April RevPar performance has been provided to isolate the Easter vacation effect and show a more accurate picture on the current trading performance.
�� Apart from the Easter vacation effect, there should be taken into account the following non recurring income and expenses:
o In Ebitda 2005:
�� Non recurring revenue of €2.6m that was not repeated in the first quarter of 2006.
�� Income of €2.8m from the sale of two hotels.
o In Ebitda 2006 (at the corporate level): Income of €3m as a consequence of the share dilution related to the NH Italy €50.7m capital increase subscribed by Banca Intesa at NH Italia.
�� Excluding these non-recurring items, Ebitda from Total Hotel Activity would have been 44.8% up from previous year, instead of 20.6% reported, reflecting a more accurate picture of the underlying hotel performance. Total Group Ebitda would have picked up 4.6% instead of a drop of 5.5% reported.
�� Sotogrande’s real estate business reported total sales of €4.5m, 65% down compared with the same period of previous year. The difference is explained by the product delivery scheduled and a fewer number of plots sold, compared to houses and apartments.