S&P upgrades Hotelbeds

S&P said it raised its ratings for Hotelbeds (HNVR Midco Ltd.) and its senior secured debt to B- from CCC+.

“Following its strong trading performance in fiscal 2022, Hotelbeds has maintained high EBITDA growth through the first six months of fiscal 2023. This mirrors conditions across the travel industry, where the positive momentum that supported 2022's robust recovery has continued, leading to high revenue per available room (RevPar) and resilient occupancy rates in 2023. For the year to date, Hotelbeds has enjoyed strong revenue generation; as a result, management reported EBITDA of €263 million for the 12 months to March 31, 2023,” the agency said in a press release.

S&P said it projects Hotelbeds to generate EBITDA of €285 million-€315 million for 2023 buoyed by high booking levels.

The outlook is stable.

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