THO Thistle Hotels

RNS Number:6017W
Thistle Hotels PLC
29 May 2002

                                TRADING UPDATE

                               THISTLE HOTELS PLC
                                  29 MAY 2002


At the Annual General Meeting today, David Newbigging, Chairman, made the
following comments in relation to current trading.

"Following the disposal of 37 Regional and London hotel businesses on 4 April
2002 and the retention of management contracts to manage these hotels for 30
years, Thistle's portfolio currently comprises 18 owned or leased hotels and 38
managed hotels.

Over the first 20 weeks of the current financial year turnover for the 18 owned
or leased hotels was £53.9 million, 14.0% lower than last year.  Revenue per
available room ("Revpar") for these hotels fell 14.4% to £52.46.  Occupancy, at
70.3%, held up well compared with 72.3% in the comparable period last year but
the average room rate was 12.0% lower than last year.  Thistle's portfolio of
owned or leased hotels are predominately London based, a market which remains
particularly affected by reduced international visitor numbers.  Weakness in the
business traveller segment has resulted in lower average room rates.

Over the same period, turnover for the 38 managed hotels was £50.6 million, 3.2%
lower than last year.  Revenue per available room for these managed hotels
declined by 4.8% to £37.42.  37 of these hotels were owned or leased by Thistle
for approximately 14 weeks of the current financial year.  These managed hotels
are predominantly Regional hotels, which have a stronger domestic clientele and
they have performed better than the London hotels.

The outlook for international travel continues to be uncertain. We are confident
about growth in occupancy compared to last year over the balance of this year
and we expect some increase in room rate which will be reflected in an improving
Revpar.  The improved asset quality and strong balance sheet is a good platform
going forward and for preparing the business for an upturn in the London market
in particular.  Our focus continues to be on managing the business efficiently
and improving operational cash flow while seeking opportunities to improve the
return on shareholders' equity."


                                     ENDS


For further information, please contact

Ian Burke                                            020 7895 2304
Thistle Hotels Plc

Nick Denton/Chelsea Hayes                            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 18 are owned or leased and 38 are
managed. There are a total of 10,728 bedrooms, of which 5,204 rooms are owned or
leased.  In London, Thistle has 6,015 rooms in 22 hotels and, in the regions,
4,713 rooms in 34 hotels.

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.  Among other regional centres, Thistle has hotels in
Aberdeen, Bristol, Birmingham, Cardiff, Edinburgh, Glasgow, Liverpool,
Manchester and Newcastle as well as hotels at airports in Aberdeen, East
Midlands, Gatwick, Heathrow, Luton and Manchester.



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