Baverez Hotels: Revenue Up 3.1% in H1, Raphael Still Closed
Baverez Hotels has reported a revenue increase of 3.1% to €15.1 million as of June 30, driven by the two operational establishments. However, the temporary closure of the Raphael Hotel for renovations (which is experiencing delays) continues to impact the growth potential of the group, while the uncertain geopolitical context complicates visibility for the next six months.
Regina and Majestic Drive Growth, Raphael Remains Out of Service
The group's revenue reached €15.1 million on June 30, 2026, up from €14.7 million a year earlier, an increase of 3.1%. This growth stems entirely from the two operational Parisian hotels. The Regina Hotel generated €10.8 million in revenue, up 3.05%, while the Majestic Hotel & Spa reached €4.3 million, growing by 5.27%. The Raphael Hotel, closed since November 10, 2024, for renovations, only generated €32k from recharged expenses.
Occupancy Rate Declines, Average Price Supports RevPar
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The overall occupancy rate has fallen to 72.68% from 74.02% last year, reflecting a less favorable climate. However, the average room price has increased by 4% over the semester to €636.96, partially offsetting this decline. The RevPar (revenue per available room) reached €462.96 excluding taxes, up 2.1% from €453.44 in the first half of 2025. At the Regina Hotel, the occupancy rate dropped to 73.54% from 76.94%, but the average price jumped to €706.44 from €663.99 (+6.4%), bringing the RevPar to €519.49. At the Majestic, occupancy improved to 71.21% from 69.00%, while the average price remained unchanged. The RevPar increased to €365.76.
Raphael Renovation Delayed, Strong Cash Position Amid Geopolitical Risks
The renovation project of the Raphael Hotel is experiencing execution delays, forcing the group to postpone its reopening. This program will occupy the second half of 2026. Geopolitical tensions in Ukraine and the Middle East continue to put pressure on the costs of raw materials and supplies, impacting margins. The impact on bookings remains limited to date, but management maintains vigilance on market indicators. The active cash position was €28.0 million as of December 31, 2025 (compared to €37.5 million in 2024); it remains strong to cover commitments for the next twelve months. On June 10, 2026, the general meeting approved the payment of a dividend of €0.30 per share. Véronique Crefcoeur has been appointed CEO, while Françoise Baverez becomes Honorary President.
SectorTourisme, hôtellerie et restauration›Groupes hôteliers
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 15,1 millions d'euros
Quarterly revenue: 15,1 millions d'euros
Net income: 0,4 millions d'euros
0,5 millions d'euros
Guidance from the release
L'activité du premier semestre 2026 demeure conforme aux prévisions et s'inscrit dans la continuité du niveau d'activité soutenu enregistré en 2025. Sous réserve de l'évolution du contexte économique et géopolitique, l'activité des établissements Regina et Majestic devrait demeurer satisfaisante
Risks mentioned
Hôtel Raphael fermé pour rénovation depuis novembre 2024, entraînant une perte significative d'activité (32 K€ de refacturations uniquement)
Taux d'occupation global en baisse à 72,68% contre 74,02% un an plus tôt, malgré une augmentation des prix
Résultat net semestriel en baisse : 414 K€ contre 634 K€ au 30 juin 2025, impacté par un résultat financier négatif de -146 K€
Opportunities identified
Amélioration du RevPar du Majestic Hôtel & Spa passé à 365,76 € grâce à l'augmentation du taux d'occupation
Augmentation du prix moyen de 4% sur le semestre dans un contexte de dynamique positive de l'hôtellerie parisienne
Réouverture de l'hôtel Raphael après rénovation, qui génère actuellement zéro CA hôtelier
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