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The Rimonim Hotel chain reported a profit of 1.4 million shekels in the 3rd quarter of the year, compared to a profit of 1.05 million in the same period last year.  Year to date revenues totaled 102.6 million shekels an increase of 5 percent over last year.

The Rimonim Hotel chain, comprising eight hotels nationwide, reported a total revenue of 44.7 million shekels for the 3rd quarter of the year, similar to the same period last year.  Since the start of the year revenues totaled 102.6 million shekels, compared to 97.6 million shekels in the same period last year.

The chain, which signed a management agreement, with the Shalom Hotel in Jerusalem last month for a ten year period, reported that operating costs in 2009 had increased by 3.3 million shekels; totaling 26.4 million shekels in the 3rd quarter of the year, similar to the same period last year.

The net profit for the hotel chain in the quarter totaled 1.4 million shekels, compared to 1.05 million shekels in the 3rd quarter of 2008.  Since the start of the year Rimonim Hotels recorded a loss of 1.2 million shekels, compared to a loss of 7 million shekels during the first nine months of 2008.

In addition, the Rimonim chain reported that occupancy levels at their hotels fell by 6 percent in the 3rd quarter, totaling 64 percent; but total revenues increased by 10 percent.

The general manager of the Rimonim Hotels, Reuven Alex, said that there were signs of an end to the recession, which had characterized the first half of 2009. According to Alex, the chain which operates hotels at the Dead Sea and in Eilat was enjoying a higher level of activity compared to other hotels.