Mexico City, April 17th, 2024 – Hoteles City Express S.A.B. de C.V. (BMV: HCITY) (“Hoteles City Express” or “The Company”), releases its results for the first quarter of 2024 (“1Q24”). Accounting figures have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are presented in Mexican Pesos (“$”).
Financial and Operating Highlights (1Q24)
At the portfolio level, the Average Daily Rate (“ADR”) increased by 7.8% and the Revenue Per Available Room (“RevPAR”) increased by 9.4%, compared to 1Q23, reaching $1,291 and $699 pesos, respectively. The occupancy rate was 54.1%.
Total revenue reached $924.8 million; a 10.1% increase compared to the same quarter of 2023.
Operating income reached $114.0 million in 1Q24, compared to $159.8 million in the same quarter of last year. The decrease in operating profit was due to an increase in hotel operating expenses, resulting from higher payroll costs from hiring more staff for the hotels, along with a reduction in revenue from the Operator.
EBITDA and Adjusted EBITDA were $224.8 million and $225.1 million, respectively, in comparison to $263.7 million and $265.7 million in 1Q23. Adjusted EBITDA decreased 15.3% from the previous year with a margin of 24.3% for the quarter. In 1Q23, the Company continued to receive revenues from fees charged by the brands.
Net Income for the period registered a loss of $33.3 million compared to a loss of $49.2 million in the same quarter of 2023.
At the end of the quarter, the portfolio operated 152 hotels, the same number of hotels as in the same quarter of the previous year. There were 17,503 rooms in operation during 1Q24, which was 16 more than the 17,487 rooms in operation at the end of 1Q23.
Miranda Newswire – Full Press Release: Download PDF
Investor Relations Contact Details
Héctor Vázquez
Corporate Finance and Investor Relations
Phone: +52 (55) 5249 8067
E-mail: hvazquez@hotelescity.com