Minor Hotels Europe & Americas Reports €496 Million in Revenue in Q1 2025, +8% Versus Q1 2024

Minor Hotels Europe & Americas reported total revenues of €496 million for the period from January to March 2025, representing an 8% increase on the €460 million recorded in the first quarter of the previous year.

Of the €36 million revenue growth in the first quarter, €13 million (36%) stemmed from the recently acquired hotels in Brazil, as well as the Anantara Palais Hansen Vienna and NH Collection Helsinki Grand Hansa. On a like-for-like basis, revenues grew by 5.5% year-on-year.

The strong revenue performance was driven by a 5% increase in the average daily rate (ADR), which reached €127 per night, along with a two-percentage-point improvement in occupancy, which rose across all regions to an average of 64%.

In Southern Europe, occupancy during Q1 2025 exceeded pre-pandemic levels (Q1 2019) by three percentage points. Across other regions, occupancy was just slightly below this benchmark, remaining one percentage point shy of pre-pandemic levels.

Following solid first-quarter results, the Group has not observed any significant changes in demand trends. The outlook for Q2 remains in line with the company’s cautiously optimistic expectations for the remainder of the year.

Growth in EBITDA and Profitability

Minor Hotels Europe & Americas increased its gross operating profit (GOP or EBITDAR) by 13% to €132 million. Reported recurring EBITDA stood at €82 million, up 19% from €69 million in Q1 2024. The Group posted a total net profit of €4 million, positively impacted by the €26m non-recurring items, primarily due to the net gain from the disposal of two hotel assets in Portugal and Germany.

Debt Reduction and Refinancing Strategy

During the first quarter, the company reduced its net financial debt by €33 million to €207 million. This reduction was supported by €84 million in net proceeds from the aforementioned asset disposals, partially offset by €43 million in capital expenditures during the period. Liquidity remained strong, totalling €580 million, including €255 million in cash.