A dynamic third quarter for NH Hotel

2 min reading time

Published on 9 November 2023

T3 NH Hotel Group

All performance indicators are up for NH Hotel Group, with sales for the first nine months of 2023 up 28.1% on the previous year.

In the first nine months of the year, the Group generated sales of €1.61 billion, an increase of €355 million on the same period in 2019, while net profit totalled €99.6 million, €34 million more than in the same period in 2019.

This upward momentum was driven by an occupancy rate of 68%, while the average daily rate reached €137 in the first nine months of 2023, up 14.4% year-on-year and 25.2% on the same period in 2019.

As a result, the Group posted an average RevPAR of €93, up 30% on the figures for the first 9 months of 2022 and 2019, which were €72 and €73 respectively.

This momentum comes in particular from Southern Europe, with comparable sales up 18% and 32% on the first 9 months of 2022 and 2019 respectively, with good performances in the main and secondary cities.

In the Benelux countries, trends are also upwards, with comparable sales up 31% on the first 9 months of 2022 and 14% on the same period in 2019.

The same is true of Central Europe, where comparable sales are up 23% year-on-year and 12% on the first 9 months of 2019, with Düsseldorf, Munich and Frankfurt the best-performing destinations.

Finally, in Latin America, sales increased by 33% year-on-year and by 29% compared to the first 9 months of 2019, with Argentina and Mexico being the strongest markets.

Remarkable performance and a net profit that more than doubled compared to 2019 that enabled NH Hotel Group to unlock EBITDA of €448 million during this period, representing growth of 26% compared to the first 9 months of 2022 and 11.7% compared to the same period in 2019.

These strong performances enabled the Group to reduce its net debt by €126 million to €182 million in the first nine months of the year, despite almost €90 million in capital expenditure.

This momentum continued in the third quarter, with sales up 13.5% year-on-year to €586 million. The occupancy rate improved by two points to 71.3%, while the average daily price reached 142 euros, representing growth of 9.1% compared to the third quarter of 2022 and 28% compared to the third quarter of 2019.

Dillip Rajakarier, CEO of Minor Hotels, will be attending the Hospitality Asset Forum on Thursday 6 November to talk in greater depth about the group's results and strategies.

NH Hotel Group

NH Hotel Group

Hotel Group

  • NH Hotel Group Spain
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