New record of direct operations revenue of €113.4 million, net income at €6 million. EBITDA at €16.3 million.
The Shareholders’ Meeting of HNH Hospitality S.p.A., among the leading independent hotel operators in Italy in the 4- and 5-star hotel and resort segment, approved the annual financial statements for the fiscal year closed on October 31, 2024.
In detail, HNH Hospitality recorded a total direct operations turnover of €113.4 million, up 7.3% from the 2023 figure. As of October 31, 2024, EBITDA recorded by the HNH Group was 16.3 million euros, or 14.4%: slightly down from the 2023 figure, when the EBITDA Margin was 15%. Statutory EBITDA was slightly down from the previous year, with 9.6 million recorded (it was 10.5 million in 2023) – while statutory net income reached 6 million. Results for 2024 compare with 2023 on a like-for-like basis, without the contribution of new ownership openings.
With growth distributed evenly across all destinations and hotels in the group, the growth of the Venice area stands out in particular due to the events associated with the Biennale of Architecture exhibition season, flanked by the centers of Milan and Rome, which are more sensitive to supporting international demand.
In the year which has just ended, hotel management agreements took on an increasingly central role: among the main projects, the awarding of the tender for the management of the Palazzo delle Stelline in Milan, which will become an MGallery, a brand of the Accor group; the start of the partnership with SACBO, a company of Milan Bergamo Airport, for the management of the new hotel “Hilton Garden Inn Milan Bergamo Airport”, which will be built in the airport services area; and, finally, the signing of the agreement with CDP Real Asset for the redevelopment of a portion of the “Cavallerizza Reale” in Turin, which will become a 5-star hotel under the Radisson Collection brand. For the current year, an announcement regarding a new Italian property is expected soon.
“After record sales in 2023, 2024 was also another year of growth for HNH Hospitality. The increase in like-for-like turnover makes us very proud, thanks to the excellent work done on the existing portfolio. It was also a year of preparation and we are ready for a new phase of perimeter growth, which will be completed between 2027 and 2028 with more than 20 managed facilities and 3,000 rooms in the portfolio.” – said Luca Boccato, CEO of HNH Hospitality. “The year 2025 has started positively, in line with our forecasts. We are always ready to seize new opportunities and will soon announce important news from a development perspective.” concluded Boccato.
