Melia Hotels profits soar as tourism picks up and room rates rise

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MADRID (Reuters) – Spanish hotel chain Melia posted a 132% rise in nine-month net profit on Thursday to 53 million euros ($51.7 million) as revenue more than doubled on the rebound of tourism after the end of COVID-19 restrictions and higher room prices.

He said the pace of bookings indicated good prospects for the coming months and he had yet to detect an impact from fears of an economic slowdown.

Revenue reached 1.27 billion euros in January-September, and the Mallorca-based company said that in the third quarter alone it exceeded pre-pandemic levels by 3% for the first time. .

Its average room rates increased by 29% compared to 2019 to reach 145.5 euros between July and September.

“Our summer was better than 2019…in general terms, we had slightly lower occupancy and much better prices,” said chief operating officer André Gerondeau.

Spain welcomed 56 million tourists in January-September, around 16% less than in the same period of 2019, official data showed Thursday.

Melia expects positive results for the end-of-year season in destinations such as the Canary Islands and Cape Verde, as well as in Mexico and the Dominican Republic, where it sees a recovery in corporate events .

($1 = 1.0261 euros)

(Reporting by Corina Pons, editing by Andrei Khalip)

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