Gross asset value has increased from £2.5m to around £46m based on third party valuations carried out during August 2010

Projected NAV at January 2011, adjusted for the revaluation surplus is estimated at circa £20m

With over 530 rooms our annualised occupancies range from 66% to 80% and ADR’s from £48 to £85 dependent upon the property. Group REVPAR to January 2011 is circa £46

Portland has a complete Executive Team within its Central Office with the exception of IT which continues to be outsourced to a proven and longstanding contractor

About Portland Hotels

Our management team has developed a successful system for managing hotels that creates added value for stakeholders, whilst managing risk

At its heart is a focus on the fundamentals: on customer relationships, yield management, training, purchasing, labour efficiencies and business controls, marketing and recruitment

With their significant experience of the hotel sector, the Executive Management Team are more than capable of identifying and implementing the appropriate operational tactics to ensure the return from any hotel is maximised