Mexico City, February 28th, 2024 – Hoteles City Express S.A.B. de C.V. (BMV: HCITY) (“Hoteles City Express” or “The Company”), releases its results for the fourth quarter of 2023 (“4Q23”). Accounting figures have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are presented in Mexican Pesos (“$”).
Financial and Operating Highlights (4Q23 & 2023)
- At the portfolio level, the Average Daily Rate (“ADR”) increased 5.3% and the Revenue Per Available Room (“RevPAR”) increased 2.5%, compared to 4Q22, reaching $1,253 and $709 pesos, The occupancy rate was 56.6%. For the full year, occupancy reached 55.6%, 1.9 percentage points higher than 2022. The average rate was $1,215, increasing by 7.8% compared to 2022, and the “RevPAR” was $676, an 11.7% increase from the previous year.
- Total revenue reached $942.6 million; a 1.8% increase compared to the same quarter of 2022. For the full year, total revenue reached $3,544.2 million, a 11.6% increase in comparison to 2022.
- Operating income reached $217.3 million in 4Q23, compared to a $231.1 million profit in the same quarter of last year. For the full year, operating income was $618.9 million, compared to a $480.8 million profit in the previous year.
- EBITDA and Adjusted EBITDA were $327.4 million and $329.1 million, respectively, in comparison to $334.1 million and $334.9 million in 4Q22. Adjusted EBITDA decreased 1.7% from the previous year with a margin of 34.9% for the quarter. This was mainly due to the decrease in revenues related to the sale of the brands to Marriott. EBITDA and Adjusted EBITDA for the full year was $1,041.3 million and $1,045.5 million, respectively, representing an increase of 8.0% and 8.2% over 2022.
- Net Income for the period registered a profit of $57.1 million compared to a profit of $102.3 million in the same quarter of 2022. Net Income for the full year was $1,105.1 million, primarily due to the profit from the sale of five brands to Marriott.
- At the end of the quarter, the portfolio operated 152 hotels, one more hotel with respect to the same quarter of the previous year. There were 17,503 rooms in operation during 4Q23, which was 207 more than the 17,296 rooms in operation at the end of 4Q22.
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Investor Relations Contact Details
Héctor Vázquez
Corporate Finance and Investor Relations
Phone: +52 (55) 5249 8067
E-mail: hvazquez@hotelescity.com
Ana Lucía Sors
Miranda IR
Phone: +52 (833) 293 4232
E-mail: ana.sors@miranda-newswire.com