New Mauritius Hotels CEO to leave in June; Gilbert Espitalier-Noel to take over
Mauritius hospitality major New Mauritius Hotels said today that chief executive officer Herbert Couacaud would retire by June 30, but stay on till year-end to support successor Gilbert Espitalier-Noel (featured here), reassuring investors of a smooth handover. (Image: ENL)
New Mauritius Hotels, which runs luxury properties under the Beachcomber brand in Mauritius, said today that chief executive officer Herbert Couacaud would retire by June 30, but stay on till year-end to support successor Gilbert Espitalier-Noel.
The company’s announcement that the CEO would stay on till end of the year to support successor Gilbert Espitalier-Noel has served to reassure investors of a smooth handover.
It may be noted that Gilbert Espitalier-Noel is currently the CEO of ENL Property. Within the ENL group, ENL Investment holds sizeable shareholdings in New Mauritius Hotels.
Despite the announcement of the CEO’s resignation, the luxury hotel group witnessed a rise in share prices, on the back of the Finance Minister’s announcement during the Budget 2015 speech that the government is actively seeking to raise its tourism promotion budget.
It may be noted that Finance Minister Vishnu Lutchmeenaraidoo said on Monday that the budget for the Mauritius Tourism Promotion Authority, the flagship promotion agency for the tourism sector, would climb to Rs 560 million in 2015-16, a rise of 43.59% from Rs 390 million currently allocated to the showcase sector of the island economy.
Finally, at close of trading, shares in NMH were up 4.7% at Rs 67.0, representing a rise of 17.68% from Rs 57 on Monday, when plans to enlarge funds allocated for tourist promotion were first announced.
It may be noted that New Mauritius Hotels enjoys presence straddling islands across the Indian Ocean with eight hotels in Mauritius and one in the Seychelles. Besides, it has spread its geographical boundaries with a luxury property in Morocco, that is the latest hotel to join the hospitality major’s chain of properties.