Tourism development in the Maldives ranks 8th

Maldives ranks 7th in the world among countries with the fastest rates of tourism and travel growth, according to a survey by the World Travel and Tourism Council (WTTC) and Oxford Economic Forecasting (OEF).

For the third time, Montenegro is first, with a tourism growth rate of 10.2%. China and India rank second and third, with growth rates of 8.7% and 8%, respectively. Romania (7.9%), Croatia (7.6%), Vietnam (7.5%), Latvia (7.3%), the Maldives (7.2%), Albania (7%) and Cambodia (7%) round out the top ten.

A Tourism Satellite Accounting (TSA) result showed that the world’s tourism industry recorded a growth rate of 5.7% in 2005, earning $6tril. With the current growth rate, the total turnover from tourism will reach $6.5tril in 2006, increasing by 4.6% over 2005 and creating 2.5mil new jobs. There will be 76.7mil people working in the tourism sector, accounting for 2.8% of the total jobs worldwide, while the total turnover from travellers’ expenses will be around $900bil, an increase of 6.5% over last year.

TSA forecast that in the ten years from 2007-2016 the world’s tourism growth rate will be 4.2% per annum.

Source: Vietnam net

Hilton Worldwide Resorts Extends Its Indian Ocean Portfolio

Hilton International today signed an agreement with Crowne Company to manage the Hilton Seychelles Northolme Resort & Spa. The 5-star, 40 villa resort on the island of Mahe is now open and operating as a Hilton Worldwide Resort.

The resort combines idyllic barefoot luxury with refined relaxation and offers first-class facilities, quality service, fine dining and an array of activities.

Four Seasons Hotels Slumps To Loss In Q4 On Write-down

Four Seasons Hotels Inc, announced fourth quarter financial results, reporting a loss, compared to profit last year, weighed down by a one-time loss related to retirement benefit plan, asset provisions, write-downs and foreign exchange loss.

The Toronto, Canada-based luxury hotel operator reported a net loss of US$37.8 million or US$1.03 loss per share, compared to net income of US$12.8 million or US$0.34 per share in the year-ago quarter.

Looking ahead, the company expects to open nine new hotels and resorts over the course of 2006 and 2007, and re-open Four Seasons Resort Maldives at Kuda Huraa. Four Seasons Hotels anticipate RevPAR for worldwide Core Hotels for the full year 2006 to increase in the range of 8% - 10%, compared to 2005 and a moderate growth in management fee revenue.

Four Seasons Hotels, which already has 68 luxury hotels and resorts in 31 countries, announced its plans in January, to build four new resorts in Asia and the Caribbean, with projects set for Barbados, Shanghai, Taipei and Macau. Financial details were not disclosed.