ODH with real estate sales at record level
Orascom Development Holding (ODH) reports net property sales worth CHF 632.5 million in 2021. This is the highest figure in the company's history, the developer said.
According to preliminary property and hotel figures for 2021, Orascom Development Holding (ODH) made property sales worth CHF187.6 million in the fourth quarter of last year, nearly 48% more than in the same period last year (126.9 million). For the full year, net property sales reached 632.5 million - 50% more than the previous year and 31% more than still in 2019. In Andermatt, net property sales increased by 58% to 122, million (previous year: 77 million). As ODH only holds 49% of the shares in Andermatt Swiss Alps, these figures are not consolidated.
As for demand in the hotels segment, it improved in the second half of 2021 and especially in the fourth quarter, ODH said. The Chedi Andermatt recorded an occupancy rate of 70% and the Radisson Blu Hotel Reussen an occupancy rate of 44% in fiscal 2021, it said. Overall occupancy in fiscal 2021 was reportedly 53%, up from 45% in the previous year.
ODH plans to release full results on March 30, 2022. (ah)
