Áreas consolidates its international business by managing USA’s largest highway rest stop
The Catalan company Áreas will manage two service areas in the United States until 2047, including the largest in the entire country, located on the I-95 in Maryland, the busiest motorway in the US. The Catalan company will invest $56 million in their renovation, which will produce a turnover of about $1.8 billion in 35 years. With this operation, Áreas becomes the second largest operator in the US. The Catalan multinational ended the 2011 financial year with a turnover of €649 million, which represents 4% more than in 2010. This growth has been possible due to the company’s expansion in international markets.
Barcelona (ACN).- The multinational company Áreas, created in 1968 in Catalonia, has won the management of two large service areas in the United States for 35 years. One of them is the largest rest stop in the entire United States. With this operation, Áreas becomes the second largest rest stop operator in the United States. Áreas, leader in food, beverage and travel retail, will renew both service areas, which are located on the I-95 highway, in the State of Maryland, between New York and Washington. About 30 million cars pass through them every year and 5 million customers are attended. The Catalan company will invest $56 million in the renovation of the two rest stops. They are expected to produce a turnover of about $25 and $15 million each per year, as the CEO of Áreas USA, Xavier Rabell, explained. The Catalan company has ended its 2011 financial year with a turnover of €649 million, which represents a 4% more than 2010 due to the growth in international markets, such as in of United States, Chile, and Mexico.
The Catalan company of food & beverage and travel retail, Áreas, has won the management of the two main rest stops along the busiest motorway in the United States, the I-95, along the East Coast. The ‘Maryland House’ service area is the largest in the country, with 3,716 m² of space, which makes it three times bigger than the largest stop in Spain (1,600 m² which is also managed by Áreas). The second stop, ‘Chesapeake House’ service area has 2,787 m². Both areas attend about 5 million customers per year and 30 million vehicles pass through it.
$56 million to be spent renovating ‘Maryland House’ and ‘Chesapeake House’
Áreas will have to invest $56 million on the renovation of both services areas, which would have a turnover of $25 and $15 million each per year as the CEO of Áreas USA, Xavier Rabell, explained. The turnover expected for the 35 years is expected to $1.8 billion.
The project of Áreas includes the design, construction, management and maintenance of both rest stops, previously controlled by HMS Host (a subsidiary of Autogrill). The work will start in September 2012 and the Catalan company is committed to working with ecological sustainable buildings and infrastructure, as well as with prestigious local companies. The work at ‘Maryland House’ will end in December 2013 while in ‘Chesapeake House’ it will last until September 2014. The Catalan corporation will provide employment to 575 workers in the two service areas, which will have several stores including Pizza Hut, Dunkin’Donuts and Wendy’s.
A good financial year
Áreas was created in 1968 in Catalonia and managed all the motorway service areas. After more than 40 years working in the food, beverage and travel retail sector the company has established itself as an important multinational that has become with the previous project the second company in this sector in the United States.
The results of the 2011 financial year have highlighted the growth of this company in times of crisis. Áreas ended 2011 with a turnover of €649 million which represents a 4% increase compared to 2010 due to its expansion in the international market, especially in the United States, Chile, and Mexico. €430 million of the total turnover came from the Spanish market, which represents 1% less than in 2010. The remaining €219 million came from the international market, with a 16% increase. The international market of Áreas represents 34% of its turnover and the main countries where they work are the United States (23%), Chile (23%), and Mexico (12%).
The EBITDA (Earnings Before Interests, Taxes, Depreciation and Amortization) was €53.9 million, which represents 7.4% more than in 2010. However, the company’s net profit decreased a 15%, achieving €10.3 million. About investments, the company has invested in its own resources €45 million, most of them in Florida. This supposes a 11.4% more than the financial year 2010.
By the end of 2011, the Catalan company manages 1,267 rest stops, 603 in Spain and 664 in the international market. Although it had to close 40 stores in Spain, it has opened 45 internationally. Currently, the company has roughly 12,000 workers.
An important presence in Florida
The company started in the international market in 1992 in Portugal. Since then, it has grown and now it is present in 8 countries. The Catalan company started in 2006 at Miami International Airport and since 2009 manages 8 rest stops at the Florida Turnpike motorway, which was decisive for their expansion in this country. Now, it has service areas in 10 of the most important airports in the United States and has increased its turnover in the US from $6 million in 2008 to $115 million in 2011.