Kempinski Hotels and Resorts saw profits increase to DM45.8m last year, compared with DM1.4m in 1999.
Of this, DM38.6m came from the sale of two of its German hotels: the Hotel Gravenbruch in Frankfurt and the Hotel Atlantic in Hamburg.
The sale of the two hotels, in May, resulted in a slight fall in the company’s turnover.
It achieved sales of DM191m, compared with DM202m in 1999.
Average occupancy increased to 72.6% (1999: 66.2%), while the average room rate jumped from DM340.72 in 1999 to DM361.34 last year.
The group said the first five months of 2001 had not been good but it expected business to pick in the coming months.
Kempinski has more than 30 properties in Europe, the Middle East, Asia and Australasia.