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Capsis on the way up

Sales figures for the Capsis<.> hotel in Thessaloniki jumped by 16.7 percent in…

Sales figures for the Capsis<.> hotel in Thessaloniki jumped by 16.7 percent in 1999 compared to the previous year – a significant figure considering it has 428 rooms.

The increase not only represents a tripling of pre-tax profits but results from a rise in the number of guests as room rates did not go up during the year.

Turnover reached 2.4 billion drachmas and pre-tax profits totalled 302 million drachmas while it hosted 16.7 percent more guests.

The encouraging results have also had an impact on hotel staff, who are redoubling efforts to ensure Capsis retains its reputation for service.

A 39.26 percent increase in liabilities was taken into account as part of the company`s investment and expansion plans.

The Capsis group recently proceeded with the purchase of 22.5 percent of the building housing the Bristol hotel – which it has leased – in the popular Ladadika area of Thessaloniki.

By June, the group, headed by Lena Capsi, will comprise the Capsis Hotel in Thessaloniki, the Astoria Capsis in Iraklio, Crete, the traditional Capsis Bristol and the Pantheon Pallas in Gouves, Crete.

It plans to open a second traditional unit, in Athens, on the site of the former Delfi hotel which the group purchased in 1999 and is set to begin operating as the Athens Capsis within the first six months of 2003.

The Capsis group is also mulling the advantages of a listing on the Athens stock exchange.

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Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

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