Mexico City, April 20th, 2022 – 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 2022 (“1Q22”). Accounting figures have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are presented in Mexican Pesos (“$”).
Financial and Operating Highlights (1Q22)
- At the Chain level, the Average Daily Rate (“ADR”) increased 10.5% and the Revenue Per Available Room (“RevPAR”) increased 66.6%, compared to 1Q21, reaching levels of $1,064 and $481 pesos, respectively. The occupancy rate was 45.3%.
- The month-over-month recovery stands out: in March, occupancy at the Chain level was 14.5 pp above January’s occupancy, reaching a level of 52.6%. This represents a recovery of 89.7% vs 2019. Likewise, the average daily rate for March was $1,077, an all-time high.
- Total revenue was $624.1 million, a 59.7% increase compared to the same quarter in 2021.
- Operating profit was $10.7 million in 1Q22, compared to a loss of $110.0 million in the same quarter of last year.
- EBITDA and Adjusted EBITDA were $138.3 million and $138.7 million, respectively. This compares to the $9.9 million and $10.7 million registered in 1Q21. Adjusted EBITDA increased 1,201.6% from the previous year for a margin of 22.2% for the quarter.
- Net Income for the period was a loss of $29.2 million.
- At the end of the quarter, the Chain was operating 152 hotels, the same number as in the fourth quarter of 2021. The number of rooms in operation during 1Q22 was 17,331, 80 rooms less than the 17,411 rooms in operation at the end of 1Q21.
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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 152 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.
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.