Covivio Hotels: Revenue Up 4.7% Over Nine Months, but 2.0% at Constant Perimeter
Growth reported by Covivio Hotels strengthened throughout the year: at the end of September 2026, hotel revenues increased by 4.7% at current perimeter, compared to 3.4% at the end of June. The real estate company attributes this pace to recent acquisitions made in Milan and Spain.
At constant perimeter, the increase stands at 2.0%. This gap between the two measures is the central element of the October 21, 2026 publication: it distinguishes what relates to portfolio expansion from what relates to the performance of existing assets.
Fixed rents, which represent 55% of hotel revenues, increased only 1.6% at constant perimeter, due to still limited indexation contribution. According to the company, this indexation should become a more significant growth driver from 2027 onwards.
Total Revenue of €270.8 Million in Group Share, Up 4.7%
Over the first nine months of 2026, total hotel revenues reached €270.0 million in group share, compared to €257.8 million a year earlier. At 100%, they amount to €281.8 million, compared to €269.9 million. Adding the non-strategic retail business activity (€0.8 million), Covivio Hotels' total revenues come to €270.8 million in group share.
The breakdown shows two distinct dynamics. Fixed rents increased from €137.3 million to €148.2 million in group share, representing a rise of 7.9% at current perimeter, but only 1.6% at constant perimeter: the difference reflects the contribution of acquisitions.
Variable revenues, which represent the remaining 45%, amount to €121.8 million in group share compared to €120.5 million, up 1.1% at current perimeter and 2.4% at constant perimeter. On a comparable basis, the variable component thus grows faster than the fixed component.
Spain and United Kingdom Leading, Belgium Lagging
Variable revenues depend directly on hotel operations, and therefore on market evolution. According to the MKG HIT report cited by the company, RevPAR (revenue per available room) increased 7.1% in Spain at the end of September, driven by both occupancy rate (+1.7 percentage points) and average room price (+4.7%). Italy showed a rise of 6.7%, France 3.4%, and the United Kingdom 2.0%.
Germany illustrates the importance of reading cumulative and latest period figures separately. After a decline of 1.4% in the first half, RevPAR there increased 9.1% in September alone, thanks to a favorable trade show calendar, bringing the cumulative rise to 2.5% at the end of September. Belgium remains down 1.1% over the period, despite stabilization in September (+0.1%).
In Covivio Hotels' accounts, variable revenues at constant perimeter increased 21% in Spain, 11% in the United Kingdom, and 5.8% in Germany. France showed a rise of 1.5%, a pace the company links to ongoing hotel renovations. Only Belgium, which represents 9% of variable revenues, did not follow suit, penalized by VAT increases.
Six German Hotels Entrusted to New Operators, 12 Renovation Projects Underway
In the third quarter, Covivio Hotels finalized the transfer of its German portfolio under management contracts, comprising six hotels including the Westin Grand Berlin and Park Inn Berlin, to Radisson Hotel Group and Odyssey Hotel Group. The company expects this new structure to generate annual savings of €3 million on an annualized basis, which would represent approximately 8% growth in EBITDA for this portfolio, and aims for value creation of approximately €40 million.
In parallel, the real estate company launched a new renovation project in Toulouse's city center. Its project portfolio now includes 12 ongoing operations, representing €138 million of remaining capex to be committed (€97 million in group share), for an average expected yield of 13% on these investments.
These projects are part of a portfolio valued at €6.3 billion at the end of June 2026, rated BBB+ with stable outlook by Standard and Poor's. The structural fact of the publication remains the 4.7% increase in hotel revenues at current perimeter, compared to 3.4% at the end of June, for a 2.0% increase at constant perimeter.
