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NH Hotel Group reduces loss to €22 million in the first quarter
NH Group, owner of the Tivoli hotels, reduced its losses by 38.5% in the first quarter, to 22 million euros, it was announced today.
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Economia Hotelaria
Between January and March, the hotel group's revenue improved by 13% to 460 million euros, according to a statement sent to the Spanish market regulator (CNMV -- National Securities Market Commission).
In turn, the result before taxes, interest, depreciation and amortisation (EBITDA) reached 69 million euros, a growth of 17% compared to the same period last year.
In the period under analysis, the average price per room was 121 euros, up 5.2%.
NH's financial debt increased by 22 million euros at the end of March, reaching 286 million euros.
The group justified this evolution with seasonality and the investments of 34 million euros made in this quarter.
In Portugal, NH has 17 hotels, distributed between Lisbon, Porto, Coimbra, Sintra and the Algarve, according to the information available on its 'site'.
Read also: Portuguese real estate registers "stable performance" in the 1st quarter (Portuguese version)
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