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Hoteles City Express Announces Results for 4th Quarter with 13.6% Growth in ADR and Adjusted EBITDA Increase of 16.1%

Operating income was $102.4 million in 4Q16; a 7.6% increase over the same quarter last year.

Hoteles City Express S.A.B. de C.V. (BMV: HCITY), announced today its results for the fourth quarter and full year 2016.  The figures within have been prepared in accordance with International Financial Reporting Standards and are presented in Mexican Pesos ($). 

Financial and Operating Highlights (4Q16)

Financial and Operating Highlights (12M16)

 

Operating and Financial Highlights

4Q16

4Q15

4Q16 vs 4Q15

12M16

12M15

12M16 vs 12M15

% Change

% Change

Operating Statistics for the Chain

Number of Hotels at the End of the Period

123

106

16.0%

123

106

16.0%

Number of Rooms at the End of the Period

13,702

11,944

14.7%

13,702

11,944

14.7%

Number of Installed Room Nights

1,193,937

1,051,241

13.6%

4,545,795

4,077,026

11.5%

Number of Occupied Room Nights

733,999

671,554

9.3%

2,803,820

2,526,359

11.0%

Average Occupancy Rate (%)

61.5%

63.9%

-240 bps

61.7%

62.0%

-29 bps

ADR($)

885

779

13.6%

842

766

9.8%

RevPAR($)

544

498

9.3%

519

475

9.3%

Consolidated Financial Information (Thousands of Pesos)

Total Revenues

551,738

466,266

18.3%

2,037,766

1,718,311

18.6%

Operating Income

102,361

95,132

7.6%

371,992

320,371

16.1%

Operating Income Margin

18.6%

20.4%

-185 bps

18.3%

18.6%

-39 bps

Adjusted EBITDA

180,487

155,511

16.1%

681,548

581,741

17.2%

Adjusted EBITDA Margin (%)

32.7%

33.4%

-64 bps

33.4%

33.9%

-41 bps

EBITDA

173,784

152,562

13.9%

663,353

572,578

15.9%

EBITDA Margin (%)

31.5%

32.7%

-122 bps

32.6%

33.3%

-77 bps

Net Income

79,113

39,889

98.3%

264,498

208,750

26.7%

Net Income Margin (%)

14.3%

8.6%

578 bps

13.0%

12.1%

83 bps

 

Adjusted EBITDA = Operating income + depreciation + amortization + non-recurring expenses (expenses prior to opening new hotels).

Comments by Luis Barrios, Chief Executive Officer of Hoteles City Express:

“With more than 13,800 rooms and 124 hotels to date, an intense commercial strategy and a digital distribution platform that is beginning to show results, Hoteles City Express closes another record year in the history of the Company.

During 2016, we achieved excellent operational performance, productivity and profitability metrics, including: a) a 16% increase in installed capacity during the year, b) an increase of close to 10% in RevPAR and c) an Adjusted EBITDA margin in line with last year with 15% more nights in operation.

Regarding our Development Plan, 2016 represented a landmark of growth in new units. With more than 1,750 rooms and 17 new hotels in deep markets we have an inventory available to serve more than 3.0 million guests per year.

Even though the general outlook for the Mexican economy is showing signs of uncertainty for 2017, the demand indicators for the tourism sector remain solid and fundamentally well underpinned. In particular, the dynamism of airport passenger and hotel activity in the most important markets where we operate continues to grow in a healthy way.

For 2017, we will maintain our pace of growth and continue to increase our exposure in attractive markets, diversifying our portfolio and applying a cautious approach to our investments based on the Mexican economy’s performance throughout the different industries and regions. We are confident that our capacity in this area together with our cost control discipline over the development process will lead us to open more than 2,000 new rooms in 19 new units in 2017 – 17 new hotels and 2 expansions to existing hotels.

Finally, it is worth mentioning that stronger efforts over the last 18 months regarding the implementation of an “online operation” culture, a process-driven organization and our e-commerce engine are beginning to show results by demonstrating scale and allowing us to rely on an adaptive and real-time commercial strategy. 

Today, Hoteles City Express is much more than an asset portfolio, it is an integrated hospitality platform with the greatest potential to sell and operate rooms in Mexico and the rest of Latin America.

We are proud of our results, which reaffirm our strong competitive position and enable us to continue being an alternative value generator for all our stakeholders. “

Posted by on February 16, 2017.

Categories: Financial

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