Mexico City, July 17th, 2024 – Promotora de Hoteles Norte 19 S.A.B. de C.V. (BMV: HCITY) (“Norte 19” or “The Company”), releases its results for the second quarter of 2024 (“2Q24”). Accounting figures have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are presented in Mexican Pesos (“$”).
Financial and Operating Highlights (2Q24)
- At the portfolio level, the Average Daily Rate (“ADR”) increased by 9.6% and the Revenue per Available Room (“RevPAR”) increased by 10.1%, compared to 2Q23, reaching $1,316 and $742 pesos, The occupancy rate was 56.4%.
- Total revenue reached $974.3 million; an 11.3% increase compared to the same quarter of 2023.
- Operating income reached $152.9 million in 2Q24, an increase of 20.8% compared to the $126.6 million reported in the same quarter of last year.
- EBITDA and Adjusted EBITDA were $257.2 million and $258.1 million, respectively, in comparison to $230.8 million and $231.2 million in 2Q23. Adjusted EBITDA increased 11.7% from the previous year with a margin of 26.5% for the quarter. In 2Q23, the Company continued to receive revenues from fees charged by the City Express brands.
- Net Income for the period registered a profit of $54.3 million compared to a profit of $1,135.7 million in the same quarter of 2023. 2Q23’s profit was a result of the sale of the brands. Excluding this sale, the net income for 2Q23 would have been a loss of $92.1 million, highlighting the significant shift from a loss to a profit year-over-year.
- At the end of the quarter, the portfolio operated 152 hotels, one hotel more than the same quarter of the previous year. There were 17,533 rooms in operation during 2Q24 166 more than the 17,367 rooms at the end of 2Q23.
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
E-mail: ana.sors@miranda-