Mexico City, April 22nd, 2020 – Hoteles City Express S.A.B. de C.V. (BMV: HCITY) (“Hoteles City Express” or “the Company”), announced today its results for the first quarter of 2020 (“1Q20”). Accounting figures have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are presented in Mexican Pesos (“$”).
Financial and Operating Highlights (1Q20)
- At the Chain level, the Average Daily Rate (“ADR”) increased 1.1% and the Revenue Per Available Room (“RevPAR”) decreased 12.7% compared to 1Q19, reaching $1,025 and $473, respectively. The Chain’s occupancy rate in 1Q20 was 46.1%. Adjusting for the atypical effect in March from the pandemic, the RevPAR would have increased 2.7% year-over-year.
- Total revenues were $651.6 million, a decrease of 9.1% compared to the same quarter in 2019. This was mainly due to the reduction in operations as a result of COVID-19.
- Operating income reached $36.0million in 1Q20, 66.7% less than 1Q19. This was due to a 1.4% increase in total costs and expenses and a 9.1% decrease in revenue.
- EBITDA and Adjusted EBITDA were $158.9 million and $160.3 million, a 26.5% and 27.0% year over year drop, respectively. EBITDA and Adjusted EBITDA margins for the period reached 24.4% and 24.6%, respectively.
- Net income for the period was a loss of $95.9 million.
- At the end of the quarter the Chain was operating 154 hotels, a 4 unit increase compared to the same quarter of 2019. The number of rooms in operation during 1Q20 reached 17,487, a 2.9% increase compared to 17,002 at the end of 1Q19.
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Investor Relations Contact Details
Héctor Vázquez
Corporate Finance and IR
Tel: +52-55-5249-8067
E-mail: hvazquez@hotelescity.com
Ana María Ybarra
Miranda IR
Tel: +52-55-3660-4037
E-mail: ana.ybarra@miranda-ir.com