Hoteles City Express Announces Second Quarter 2023 Results

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Mexico City, July 19th, 2023 – Hoteles City Express S.A.B. de C.V. (BMV: HCITY) (“Hoteles City Express” or “The Company”), releases its results for the second quarter of 2023 (“2Q23”). Accounting figures have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are presented in Mexican Pesos (“$”).
 

Financial and Operating Highlights (2Q23)

  • At the Chain level, the Average Daily Rate (“ADR”) increased 9.0% and the Revenue Per Available Room (“RevPAR”) increased 12.4%, compared to 2Q22, reaching $1,201 and $674 pesos, The occupancy rate was 56.1%.
  • Total revenue reached $875.0 million, a 12.1% increase compared to the same quarter of 2022.
  • Operating income reached $126.6 million in 2Q23, compared to a $96.9 million profit in the same quarter of last year.
  • EBITDA and Adjusted EBITDA were $230.8 million and $231.2 million, respectively, in comparison to $221.8 million and $221.9 million registered in 2Q22. Adjusted EBITDA increased 4.2% from the previous year with a margin of 26.4% for the quarter.
  • Net Income for the period was $1,135.7 million compared to a loss of $47.1 million in the same quarter of 2022. This was primarily driven by the profit made from the sale of the five brands to Marriott International.
  • At the end of the quarter, the Chain operated 151 hotels, two hotels less with respect to the same quarter of the previous year. There were 17,367 rooms in operation during 2Q23, which was 111 less than the 17,478 rooms in operation at the end of 2Q22.

 

Miranda Newswire – Full Press Release: Download PDF

 

Investor Relations Contact Details

Héctor Vázquez
Corporate Finance and IR
Phone: +52 (55) 5249 8067
E-mail: hvazquez@hotelescity.com 

Ana Lucía Sors
Miranda IR
Phone: +52 (833) 293 4232
 
About Hoteles City Express
Hoteles City Express is the leading and fastest-growing limited-service hotel chain in Mexico, in terms of number of hotels, number of rooms, geographic presence, market share and revenues. Founded in 2002, Hoteles City Express specializes in offering high-quality, comfortable and safe lodging at affordable prices via a limited-service hotel chain geared mainly towards domestic business travelers. With 151 hotels located in Mexico, Costa Rica, Colombia and Chile, Hoteles City Express operates five distinct brands: City Express, City Express Plus, City Express Suites, City Express Junior and City Centro, to serve different segments of its target market. In June 2013, Hoteles City Express completed its IPO and began trading on the Mexican Stock Exchange under the ticker symbol “HCITY” furthermore, on October 8, 2014, Hoteles City Express completed a follow on with the aim of accelerating its growth in new hotels over the next few years. During 2021, the Company commenced a capital increase process with the emission of ordinary shares, this process has not yet concluded
 
Disclaimer/Forward-Looking Statements
The information presented in this report contains certain forward-looking statements and information regarding Hoteles City Express, S.A.B. de C.V. and its subsidiaries (jointly, “the Company”), which are based on the understanding of its management, as well as assumptions and information currently available to the Company. These statements reflect the Company’s current vision regarding future events and are subject to certain risks, factors of uncertainty and assumptions. Many factors may cause the results, performance or current achievements of the Company to be materially different with respect to any future result, performance or accomplishment of the Company that might be included, expressly or implicitly, within such forward-looking statements, including, among other things: changes in general economic and/or political conditions, governmental and commercial changes at the global level and in the countries in which the Company does business, changes in interest rates and inflation, exchange rate volatility, changes in business strategy and various other factors. If one or more of these risks or uncertainty factors should materialize, or if the assumptions used prove to be incorrect, actual results could differ materially from those described herein as anticipated, estimated or expected. The Company does not intend to assume, and does not assume any obligation whatsoever to update these forward-looking statements.

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