Meliá has signed 30 new hotels so far this year, adding more than 4,500 rooms. Credit: Pierre-Olivier / Shutterstock.

Meliá Hotels International has reported that its total consolidated revenues for Q3 2024 reached €584.1m ($619.4m), a 2.7% increase compared to €568.5m ($602.8m) in the same quarter of last year.

The revenue increase was driven by robust performance across the company’s diverse business segments. The management model contributed €135.1m in Q3 2024, up from €101m in Q3 2023, reflecting higher demand and better occupancy rates in the company’s hotels worldwide.

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The hotel business, which includes owned and leased properties, accounted for €505.3m of the total Q3 revenue, marking a slight increase from €500m last year. Furthermore, Club Meliá contributed €43.4m to overall revenues—significantly higher than the €16.3m reported in Q3 2023.

Total operating expenses for Q3 2024 stood at €380.8m, essentially flat compared to €381.3m in Q3 2023. Key expense categories, such as raw materials and personnel costs, remained stable, with personnel expenses rising slightly by 0.6%.

EBITDA grew 11.8% from €168.4 in Q3 2023 to €188.3m in Q3 2024 while EBIT (operating profit) saw a 24.3% increase in Q3 2024 to €128.2m.

A group net profit of €88.1m was posted, marking a 40.9% increase from the €62.5m achieved in Q3 2023.

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The parent company’s net profit reached €74.9m, up from €53.4m in Q3 2023.

Systemwide RevPar in the third quarter grew by 10.7% in Q3 2024 due to an increase in rates.

Looking at the performance for the first nine months of 2024, Meliá Hotels reported a total consolidated revenue increase of 4.5% to €1.54bn compared to €1.48bn for the same period in 2023.

This growth was driven by increased revenues from the hotel business, particularly in owned and leased properties, which saw revenues increase by 4.2% year-on-year to €1.35bn.

Profit of the parent company for the first nine months of 2024 rose by 23.7%, reaching €118.6m, compared to €95.9m during the same period in 2023.

Meliá has signed 30 new hotels so far this year, adding more than 4,500 rooms, all under asset-light models. The company is focused on accelerating its growth, with plans to double its presence in Mexico within two years. Other key markets for expansion include Albania, Argentina, Malta, Saudi Arabia, Spain and Vietnam.

Meliá’s full-year forecast remains unchanged, with the company targeting an EBITDA (excluding capital gains) of at least €525m and a low double-digit RevPAR (revenue per available room) growth for 2024.