HNH Hospitality grows in the first semester of 2019 (+0.5%), turnover at €14.4 million
- Occupancy Rate stable at 75.2%, the ADR to €100.30 (+0.6%)
- The corporate structure simplification began with the merger by incorporation of H.&F. S.r.l. in H.n.h. Hotels & Resorts S.p.A.
The HNH Hospitality Group, one of the main independent Italian hotel operators, closed the first 6 months of 2019 with a turnover of the characteristic management at 14.4 million euros, up 0.5% compared to 14.3 million euros the previous year. Instead, on a like for like basis, without considering the new acquisition of the Grand Hotel Des Arts di Verona, turnover fell by 3.7% in the same period. This drop was driven by the period the Hotel Sant’Elena in Venice was closed for rebranding under the Hotel Indigo brand. It reopened to guests at the end of April. Considering the different periods of the Hotel in Venice being open between the two financial years, growth would have been 2.2%.
An analysis of the key performance indicators shows the occupancy rate is substantially stable, from 75.1% of the first semester in 2018 to 75.2% this year. The overall RevPAR figure, which indicates revenue generated per available room, grew by 0.8%, thanks to a slight increase in the average daily rate, which is €100.30 in the first semester of 2019 compared to €99.6 in the first six months of 2018 (+0.6%).
Furthermore, last 2 July, the shareholders at the Extraordinary General Meeting approved the merger by incorporation of the subsidiary H.&F. S.r.l., which manages Almar Jesolo Resort & Spa. This operation will permit simplifying the corporate structure of the group with significant cost savings and will be concluded by the end of October. By the same date, in line with the ongoing group rebranding activities, H.n.h. Hotels & Resorts will become HNH Hospitality.
Luca Boccato, CEO of the Group, comments: “We are somewhat satisfied with the results reached in this first semester, which was not easy due to the tourism market conditions and the current economic situation. Despite closing for the rebranding activities of Hotel Indigo Venice – Sant’Elena and the month of May greatly conditioned by the bad weather, above all in Sun&Beach, we closed these first six months positively, though a limited increase. This was possible thanks to the recent addition to the portfolio of Grand Hotel Des Arts Verona.
For the second semester, we forecast a decrease in national demand, which could affect reaching the budget targets. The upcoming opening of DoubleTree by Hilton Trieste, set for the last quarter of the year, will in any case permit a growth in revenue this year.