“In addition to Hoteles City Express’ strong third quarter results, which surpassed prepandemic levels, the Company signed a strategic relationship with Marriot that reaffirms HCITY’s potential value. Hoteles City’s leading select-service hotel portfolio will be strengthened by Marriott´s global base of travelers, its capital structure, and provide cost efficiencies.”
Mexico City, October 19th, 2022 – Hoteles City Express S.A.B. de C.V. (BMV: HCITY) (“Hoteles City Express” or “the Company”), releases its results for the third quarter of 2022 (“3Q22”). Accounting figures have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and are presented in Mexican Pesos (“$”).
Financial and Operating Highlights (3Q22)
- At the Chain level, the Average Daily Rate (“ADR”) increased 8.5% and the Revenue Per Available Room (“RevPAR”) increased 40.7%, compared to 3Q21, reaching levels of $1,133 and $641 pesos, respectively. The occupancy rate was 56.6%.
- Total revenue reached $845.6 million, a 32.6% increase compared to the same quarter of 2021.
- Operating profit reached $142.2 million in 3Q22, compared to a $36.6 million profit in the same quarter of last year.
- EBITDA and Adjusted EBITDA were $270.1 million and $270.7 million, respectively. This compares to $159.3 million and $160.1 million registered in 3Q21. Adjusted EBITDA increased 69.0% from the previous year for a margin of 32.0% for the quarter.
- Net Income for the period was a loss of $16.2 million compared to the $106.8 million loss of the same quarter of 2021.
- At the end of the quarter, the Chain had 152 hotels in operation, one less than in the third quarter of the previous year. There were 17,356 rooms in operation during 3Q22, which was ninety-three less than the 17,449 rooms at the end of 3Q21.
Investor Relations Contact Details
Corporate Finance and IR
Phone: +52 (55) 5249 8067
Phone: +52 55-5402-1295
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 153 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.