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Melia profit up 9pc

Profile Photo By: Steve Shellum
February 28, 2018

Melia profit up 9pc

Madrid, Spain – 28 February 2018 – 
Spain’s largest hotel company Melia reported a near 9 percent rise in full-year core profit as a strong tourist season at home compensated for weakness in Cuba in the wake of Hurricane Irma.

Meliá Shanghai Hongqiao
Meliá Shanghai Hongqiao

“The international tourism industry has experienced a remarkable growth over the entire 2017 in a number of countries of America, Europe and Asia, including certain regions where our presence is significant, such as Mexico and Spain,” said chief executive Gabriel Escarrer.

In Spain, tourism had a good year despite militant attacks, the El Prat airport strike and political instability in Catalonia. The number of international tourists visiting Spain broke records for a fifth straight year, while Catalonia remained Spain’s most visited region in 2017.

Foreign tourist demand led growth in tourism activity in Spain, generating an income of 60.3 billion euros for the country, up 10.4 percent.

Melia’s core profit for 2017 came in at 310.3 million euros (US$380 million). Fourth-quarter EBITDA rose by 17.6 percent.

In Cuba, however, its biggest market behind Spain, the group was forced to temporarily close over a third of 28 hotels it then operated there due to damage after Irma struck the island.

The company said revPAR on its Cuba portfolio fell 29.7 percent last year, and its total fee revenue dropped 76.1 percent due to Irma’s impact on the island.
Melia plans to add 30 new hotels this year, and has already opened eight in Cuba.

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