MHP Hotel AG is continuing its expansion course in the high-end accommodation segment. In the third quarter of 2026, the operator of premium and luxury hotels recorded a 25.1 per cent increase in hotel revenue to EUR 56.6 million, up from EUR 45.2 million in the prior-year period. In the first nine months of the financial year, hotel revenue thus climbed by around 25 per cent to approximately EUR 155 million, compared with around EUR 124 million in the prior-year period. Alongside the existing portfolio, key drivers included the integration of the Hyatt Regency Vienna, acquired in February 2026, and revenue from the Conrad Hamburg.
Broken down by business division, accommodation revenue increased by 24 per cent to EUR 43.4 million in the third quarter (previous year: EUR 35.0 million). The food & beverage division showed even stronger momentum with growth of 31 per cent to EUR 11.6 million, whilst other operating revenue rose by 12 per cent. The growing share of food and beverage in the overall result illustrates the ongoing diversification of revenue streams.
Key figures and price leadership in the German hotel market
The average daily rate (ADR) rose by 3 per cent to EUR 233 in the third quarter of 2026, compared to EUR 227 in the prior-year period. Revenue per available room (RevPAR) reached EUR 180, up from EUR 179 in the previous year. Following an increase of around 8 per cent in August, September marked the high for the year to date at EUR 285. In addition to regular trade fair and conference business, the record Oktoberfest also contributed significantly. Portfolio-wide occupancy stood at 77 per cent (previous year: 79 per cent); adjusted for the ramp-up phase of the Conrad Hamburg, it was 81 per cent. The company offset temporary dips in demand from the Gulf states and general cost increases through dynamic rate adjustments.
The market position in the luxury segment is supported by recent industry analyses. At Expo Real, TREUGAST Solutions Group once again awarded the company an 'AA' rating for the 2025 financial year. With an average daily rate of around EUR 242, MHP recorded the highest figure of all German hotel companies listed in the TREUGAST ranking. The group also took first place for room rates in the survey by Allgemeine Hotel- und Gastronomie-Zeitung (ahgz).
Solid liquidity and secured project pipeline
As at 30 September 2026, the company had a liquidity reserve of more than EUR 25 million. From these funds, the group is financing a public share buyback offer for up to approximately 9.5 per cent of the share capital; the shares are subsequently to be largely cancelled. The expansion strategy continues to rely on a capital-light lease and franchise model without tying up fixed assets directly in property. The planned development pipeline comprises several firmly agreed projects:
- —Sheraton Vienna with planned takeover in 2027
- —Hotel am Schlossgarten in Stuttgart scheduled to open in 2028
- —MOOONS Frankfurt and an Autograph Collection hotel in Düsseldorf for 2029
Chief Executive Officer Dr Jörg Frehse explained that the combination of revenue growth and rate quality demonstrated the effectiveness of the premium strategy. Thanks to the solid financial base, the company could deliver the upcoming projects according to plan and counter the demanding market environment with strict cost discipline. Frehse is optimistic about the upcoming final quarter, which is characterised by events and seasonal travel flows.
For the full year 2026, the management board confirmed the adjusted outlook. Group revenue is still expected to be between EUR 220 million and EUR 225 million (previous year: EUR 178 million) alongside an operating profit before interest, taxes, depreciation and amortisation (EBITDA) of around EUR 8 million, provided that unforeseen geopolitical factors do not materially impair demand in core markets.
