S&P boosts Hotelbeds

S&P said it raised its ratings for HBX Group (formerly Hotelbeds, HNVR Midco Ltd.) and its senior secured debt to B from B-. However, the agency revised the recovery rating on the senior secured debt to 3 from 4, indicating a rounded recovery estimate of 55% in default, from 45% previously.

“Strong leisure travel demand during summer 2023 enabled HBX Group to report strong results, with revenue of €656 million (net of agency commissions) and an S&P-Global Ratings-adjusted EBITDA margin of 51% in 2023. The group enjoyed soaring average daily rates (ADRs) at hotels globally and solid recovery in the total number of rooms sold (up 25% to 45.9 million),” the agency said in a press release.

HBX Group continues to grow its market share from smaller players in a highly fragmented market. Net revenues climbed by 51% to €656 million as HBX Group benefited from a recovery in all regions, except Asia, where China's restrictions continued to tamp down overall group recovery for 2023, S&P said.

The company also sheared its debt to EBITDA to 5.2x in 2023 from 12.4x in 2024.

The outlook is stable.

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