off-the-wire

Melia Hotels posts 46% revenue jump on higher rates, bookings

Kitco Media
By Reuters
Published:
Updated:
Reuters
MADRID, May 11 (Reuters) - Spanish chain Melia Hotels International on Thursday reported a 46% jump in revenue for the first quarter, slightly topping pre-pandemic levels, and forecast better sales for the summer as resort bookings were 30% higher than in 2019. Total revenues in the quarter stood at 396 million euros
($436 million), up from 271 million a year ago, when the tourism sector was still affected by COVID-19 restrictions, and about 1% higher than before the pandemic. The Mallorca-based group's net attributable loss dwindled to just around 500,000 euros from 59.3 million euros in the same period last year. Melia ended last year with a profit after two years of pandemic-induced losses. Melia said it expected to continue to increase its room rates in the summer after hiking them by double digits in key markets during the Easter week. In the luxury segment, rates have risen 12% so far this year.


($1 = 0.9084 euros) (Reporting by David Latona and Corina Pons; Editing by Andrei Khalip)

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