NH increased its profit by 28% with record revenue thanks to tourism boom

NH Hotel completes historic year, boosted by tourism boom. Spanish network controlled by Thai Minor, Last year, its income increased by 23% and broke a record with turnover of 2.163 million, while net profit increased by 28% to 128 million..

These numbers answer rate increase (ADR)which overall for the year increased by 13% to 138 euros, as well as Maybe

NH Hotel completes historic year, boosted by tourism boom. Spanish network controlled by Thai Minor, Last year, its income increased by 23% and broke a record with turnover of 2.163 million, while net profit increased by 28% to 128 million..

These numbers answer rate increase (ADR)which overall for the year increased by 13% to 138 euros, as well as higher capacity 68%, which is seven percentage points higher than in 2022, which is already cost control.

The group’s gross operating profit (EBITDA) increased by 15%, to 596 million euros, and already exceeded the 2019 figure by 44 million before the pandemic.

The company notes that without the impact of hyperinflation in Argentina and the devaluation of the peso, its performance would have been higher, with revenues of 2.184 million, EBITDA of 604 million and total net income of 134 million euros.

Good operational evolution allowed the company will increase cash to 216 million and reduce gross financial debt by 44 million.to 264 million, with the repayment of the remaining 50 million euros of the ICO loan provided to the Covid company and a further 50 million euros of the loan for the renovation of a hotel in New York.

During the year, the hotel company also spent €113 million on capital expenditures (capex) and €123 million on the acquisition of Minor’s assets in Portugal.

Looking ahead to 2014, the chain notes that “industry dynamics will continue to be favorable.” “robust demand” and “steady improvement” in international and business travel.