Ritz Paris, the luxury hotel owned by the Al-Fayed family, saw its profit slashed during 2023 despite sales jumping thanks to its continuing popularity among US visitors. The five-star hotel was opened by César Ritz eight years before he opened The Ritz London in 1906. Mohamed Al-Fayed, who died last year, bought Ritz Paris in 1979.
According to newly-filed accounts with Companies House , the hotel’s pre-tax profit was cut from €27.2m (£23.2m) to €2.
4m (£2m) in 2023. However, its turnover increased from €104.7m (£89.
6m) to €128.5m (109.9m).
Ritz Paris racked up room sales of €86.1m (£73.6m) in 2023, up from €67.
4m (£57.6m). Turnover from food and beverages also increased from €26.
5m (£22.6m) to €30.9m (£26.
4m). During the year the average number of people employed by the hotel rose from 594 to 650. A statement signed off by the board said: “The company’s key performance indicators of occupancy rates, average daily rates and revenue per available room were higher when compared to [the] previous year.
“The average daily rate for the full year was up 26 per cent versus [the] prior year which was already the highest. “Occupancy at 65.1 per cent is up 0.
8 per cent versus [the] prior year. “The balance between occupancy and daily rates was cautiously managed in the last quarter. “The US customers remain by far the largest community of customers of the hotel.
” Ritz Paris is owned separately to London’s version which was sold to Abdulhadi Ma.