SOL Melia has announced increased net profits of £13m for the first quarter of the year following its takeover and merger of hotel companies Melia Inversiones Americanas and Inmotel.
The amount is 44.6% up on the same period last year when the three companies were still operating separately.
In the first three months of the year, operating revenues for the new company reached £88.5m, an increase of 21.3% on the same period last year.
Sol Melia said demand for its European city and resorts divisions had increased in 1999 due to its “value for money” products and destinations, and the introduction of special rate programmes to combat seasonality.
The company now plans to search for expansion opportunities in Europe, particularly in the capitals and major cities.
In the year to date, Sol Melia has added 10 hotels to its portfolio, six of which joined the company in the first quarter. It now operates 253 hotels in 25 countries.