STAMFORD LAND CORPORATION LTD
OPERATIONS REVIEW
La Boca SPSA is the Group’s second La Boca
outlet following the successful debut of La Boca
Stamford Plaza Adelaide
(“SPA”) a year ago.
Contributions from
Stamford Grand North Ryde
(“SGNR”) were significantly lower in FY2015 as
it officially ceased operations in January 2015 to
make way for the development of Macquarie Park
Village (“MPV”). MPV is the Group’s first mass
market project, and one of the largest development
projects in Sydney.
ADELAIDE
Stamford Plaza Adelaide
(“SPA”) experienced
a positive year with a 9.9% solid growth in room
revenue following the completion of a A$7.7million
refurbishment program. Revpar grew 9.8% with
SPA clinching the top spot for revpar growth
amongst its competitor set in the Adelaide market
for FY2015.
F&B division recorded a 17.4% increase in revenue
riding on the success of La Boca Bar & Grill since
its debut in March 2014.
GOP was uplifted as a result of commendable
rooms performance and F&B results.
The property is on track to complete refurbishment
of the lobby area and porte-cochère which will
enhance overall guest experience and grow market
share in the competitive Adelaide city market.
Whilst SPA turned in good results, its sister property
in Glenelg,
Stamford Grand Adelaide
(“SGA”),
faced a challenging year. F&B revenue declined by
3.2% in FY2015 due to increase competition. This,
coupled with higher operating costs, resulted in a
lower GOP.
Notwithstanding, the property is enhancing its
banqueting facilities to boost F&B revenue and
strengthen SGA’s appeal as the choice venue in
Glenelg for weddings and conferences.
In addition, the ongoing 220 guest rooms
refurbishment program, once completed, will further
augment revenue and reinforce the hotel’s position
as the only 5-star hotel in Glenelg.
BRISBANE
Despite a challenging FY2015,
Stamford Plaza
Brisbane
(“SPB”) maintained its position as the
top hotel in Brisbane. Revpar increased by 2.3%
on the back of higher average room rate and
occupancy growth.
The hotel did particularly well in the wedding
segment, having held close to 120 weddings at
its premises. Conferencing business was boosted
by large-scale sporting events such as Tennis
Australia and the Asia Football Cup. In addition,
SPB successfully hosted the highly publicized G20
summit held in November 2014.
Stamford Plaza Adelaide
