S&P flips B&B Hotels view to positive

S&P said it changed its outlook for B&B Hotels’ parent company Casper Topco to positive from negative and affirmed its CCC+ ratings on the group.

“The travel industry has started to recover from the Covid-19 pandemic, with B&B Hotels' operating performance steadily improving in 2021, although macroeconomic pressures could dampen growth. B&B Hotels' RevPar was €26 in 2021, up about 34% from 2020, and total revenue increased about 50% to €492 million. Budget and economy hotel operators have been resilient during the pandemic due to their lower exposure to remote work adoption compared to mid- and upper-tier brands. European staycation trends have also assisted the recovery for B&B Hotels, since intercontinental business and leisure travel has not fully resumed yet,” S&P said in a press release.

The agency said it projects that B&B Hotels' RevPar will fully recover to pre-pandemic levels of €39 in 2022, and that its total revenue will increase 75% this year, as demand returns, and new hotels opened in the past two years ramp up.

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