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15 Feb 2012. Average occupancy rates increased from 59% to 60% (& continued into the beginning of 2012). "The last quarter of calendar 2011 produced stronger occupancies than in the same months a year earlier, the first time that this has happened since early 2008."

Revenue is up by 9% as a result of "the slightly higher occupancy levels & more rooms available through the opening of 2 new hotels," Town Lodge Port Elizabeth & City Lodge Hatfield.

Increases in operating costs per room was 5.4%, despite higher property rates & taxes and electricity tariffs increasing by 17.3% (below the official tariff increase, as a result of energy saving initiatives).

"The Courtyard joint venture sustained a loss of R1,1 million compared to a profit of R575,000 a year earlier."

No hotels are currently under construction in South Africa, but City Lodge has made its "first foray into Africa through entering into a lease & development agreement in Gaborone" - the 106-room Town Lodge is expected to open in December 2012, at an estimate development cost of R61m. City Lodge anticipates further announcements for expansion into Africa to be made during 2012.

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