NH Hoteles has improved performance significantly over the first nine months of the year with net profits up by 42% compared to the same period last year, to €24.5M. This has been achieved as a result of a 12.6% increase in hotel revenues, to €744.1M. Improved occupancy rates and an 8.5% increase in the ADR (average price) have helped sales to grow.
Worthy of note is business performance during the first nine months, when all the Group’s business units have continued to improve and have recorded a positive EBITDA (operating profit). The EBITDA of the hotel business to September, totaled €111.73M, up by 23.3% over the same period in 2005.
In Germany, EBITDA has continued its strong growth and reached €3.6M compared to a €0.96M loss for the previous year, helped by the World Cup, management focusing on maximising ADR and controlling the leasing costs of 14 hotels. The figure recorded for revenues in Germany was €154.8M, up by 12.4% on the previous year.
In Spain NH Hoteles is still improving its performance, with increases in revenues at comparable hotels of 7.8% and a 20.2% rise in EBITDA. Comparable Revpar in Spain grew by 9.2%, with a 7.1% increase in the average price.
The Revpar in the Benelux has continued to perform well in comparable hotels. It grew by 10.8% compared to the three quarter of the previous year. ADR accounted for 70% of this growth. Revenues in comparable hotels in the Benelux were €175.5M and EBITDA, up by 25.5%, totaled €57.7M.
The Switzerland, Austria, Hungary and Romania business unit recorded a major increase of 12.2% in revenues, and EBITDA totaling €2.1M. This is a sign of the solidity contributed by the latest additions to the NH Hoteles portfolio in Eastern Europe.
The Revpar in Latin America continues to improve, having increased by 19.2% in comparable terms. Worthy of mention is the good performance helped by improved ADR, occupancy and Revpar in the entire business unit, as can be seen in the 27% increase in EBITDA.