THO Thistle Hotels

RNS Number:0318Q
Thistle Hotels PLC
16 January 2002

16th January 2002

                           FULL YEAR TRADING UPDATE

   Unaudited Trading Results for the financial year ended 30 December 2001

Total turnover for the 52 weeks to 30 December 2001 was #305.3 million, 5.9%
lower than for the 53 weeks to 31 December 2000.  Revenue per available room
(Revpar) fell 5.4% to #50.56 with occupancy down by 4.8 percentage points to
71.0% and average room rate up by 1.0% to #71.21. In London Revpar was down
8.8% to #60.61 and turnover decreased by 9.8% to #183.7m. In the Regions
Revpar was up 3.3% to #37.73 with turnover up 0.5% to #121.6m.

The decline in international business and leisure travel since the terrorist
activities on 11 September has been particularly significant in the London
market, with London turnover down 26.3% over the 15 weeks commencing 17
September (weeks 38-52) compared to the prior year, broadly in line with the
latest published data on the overall London hotel market. Outside London,
turnover was down 6.8% against the prior year in weeks 38-52 with declines
comparable to those seen in London at the airport hotels at Heathrow and
Gatwick and with turnover marginally down in aggregate elsewhere. In total
over this period, turnover was down 19.0% against the prior year.

We acted quickly in the immediate aftermath of 11 September to reduce our cost
base, by reducing our headcount by approximately 10%. During 2001 we completed
the three-year major upgrade programme positioning Thistle as a leading full
service hotel group and improving our comparative position.  Since 11
September we restricted our capital expenditures to essential items only.  As
a result of these actions and despite the lower turnover, our net debt at the
end of the year was comparable with our net debt at the end of the previous
financial year.

Ian Burke, Thistle's Chief Executive Officer, said, "Trading conditions have
been very difficult in recent months, particularly in London. It remains
difficult to forecast prospects for the hotel industry for 2002 and we remain
cautious on market conditions for at least the next six months.  However,
following the actions taken over the past few years, the improved quality of
both our assets and our management provides a better position from which to
meet the challenges of these difficult market conditions."

                                     ENDS

For further information, please contact

Ian Burke                                            020 7723 0101
Thistle Hotels Plc

Nick Denton                                          020 7357 9477
Hogarth Partnership Limited

NOTES TO EDITORS

Thistle is the largest hotel group in London with 22 hotels in prime locations
throughout the capital and has hotels in key regional cities of England,
Scotland and Wales.

There are 56 hotels in the group, of which 55 are owned and 1 is managed.
There are a total of 10,727 bedrooms, of which 70 rooms are managed.  In
London, Thistle has 6,014 rooms in 22 hotels and, in the regions, 4,713 rooms
in 34 hotels (including 70 rooms in Thistle Poole under management).

Thistle's London hotels include the Thistle Tower, the Thistle Charing Cross,
the Thistle Marble Arch, the Thistle City Barbican, the Thistle Victoria and
The Royal Horseguards.  Thistle has hotels in Aberdeen, Bristol, Birmingham,
Cardiff, Edinburgh, Glasgow, Liverpool, Manchester and Newcastle among other
regional centres as well as hotels at airports in Aberdeen, East Midlands,
Gatwick, Heathrow, Luton and Manchester.

KEY REVENUE STATISTICS


                               52 weeks  53 weeks     %    Weeks Weeks     %
                                 ended     ended   Change  38-52 38-52  Change
                               30/12/01  31/12/00          2001   2000
London

Occupancy (%)                  74.0      82.1      (9.9)   64.9  84.2   (22.9)
Average Room Rate (#)          81.91     80.94     1.2     81.23 89.76  (9.5)
Revenue per available room (#) 60.61     66.45     (8.8)   52.72 75.58  (30.2)
Turnover (#m)                  183.7     203.6     (9.8)   48.3  65.5   (26.3)

Regions

Occupancy (%)                  67.2      67.5      (0.4)   65.6  70.9   (7.5)
Average Room Rate (#)          56.14     54.13     3.7     55.34 56.82  (2.6)
Revenue per available room (#) 37.73     36.54     3.3     36.30 40.29  (9.9)
Turnover (#m)                  121.6     121.0     0.5     36.8  39.5   (6.8)

Total Group Hotels

Occupancy (%)                  71.0      75.8      (6.3)   65.2  78.3   (16.7)
Average Room Rate (#)          71.21     70.49     1.0     69.81 76.66  (8.9)
Revenue per available room (#) 50.56     53.43     (5.4)   45.52 60.02  (24.2)
Turnover (#m)                  305.3     324.6     (5.9)   85.1  105.0  (19.0)

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