Covivio Hotels SCA
COVH
ISIN FR0000060303 / Valor 498268
Covivio Hotels SCA
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About company
Covivio Hotels SCA, a subsidiary of Covivio, is a prominent real estate entity specializing in the hotel sector across Europe. With a portfolio comprising 283 hotels in 12 countries valued at €6.4 billion as of the end of 2024, the company collaborates with major hotel operators such as AccorInvest, IHG, NH Hotel Group, and Radisson Hotel Group. Covivio Hotels supports these operators through property leasing, operating, and development projects, focusing on dynamic urban locations. The company manages its hotel assets primarily through leaseholds and direct operations, with leased hotels constituting 62% of its portfolio. Covivio's hotel management platform, WiZiU, operates hotels in France and Belgium, either directly or through franchise agreements with renowned brands like Accor, Hilton, IHG, and Marriott. The management approach emphasizes tailoring hotel experiences to the unique characteristics of each location, offering customized services such as local cooking classes or guided city tours to enhance guest experiences.
Summarized from source with an LLMView SourceSector: FinanceLatest Results (28.11.2025):
Covivio Hotels SCA — results for the first half (H1) 2025 (covering Q2 2025): the company reported continued commercial recovery and portfolio revaluation, with like‑for‑like revenue growth, higher recurring earnings and improved balance‑sheet metrics in H1 2025.
Top‑line and recurring earnings
Hotel revenues (Group share) rose to €162.9m in H1 2025 (+5.3% like‑for‑like, +6.0% on current scope). Total Covivio Hotels Group share revenues were €163.4m. EPRA Earnings (recurring net result) increased to €132.3m (+10.7% YoY) and EPRA Earnings per share were €0.88 (+8.8%).
Portfolio value and performance
The hotel real‑estate portfolio (Group share) was valued at €5,878m at 30/06/2025 (€6,501m at 100%), up +2.3% on a like‑for‑like basis over six months. Growth was strongest in France and southern Europe; average portfolio yield (excl. transfer taxes) remained stable at 6.4%.
Asset rotation and deal highlights
Disposals of €60m (Group share) were signed in H1 2025. A notable transaction: a 12‑year lease with Radisson for a 305‑room Roissy CDG hotel (Radisson Blu) converting an operating asset into a lease asset — revenues expected to rise >50% vs 2024 for that asset.
Balance sheet and liquidity
Net debt fell to €1,966m at end‑June 2025 (from €2,119m at 31/12/2024). Loan‑to‑Value stood at 29.8% (including duties), down 2.7 points. Net liquidity (including undrawn lines) was €958m. Interest coverage ratio (ICR) improved to 8.1x; net debt/EBITDA was 6.4x.
Equity and capital actions
Equity rose by €183m following a scrip dividend (82.3% uptake). 9,848,860 new shares were issued, taking total shares to 157,990,312. EPRA NTA was €4,006m (€25.4/share) and EPRA NDV €3,843m (€24.3/share).
Revenue mix and leasing profile
Revenues are split roughly 56% fixed (rents: €91.5m Group share) and 44% variable (€71.4m Group share). The portfolio comprises 274 hotels (38,354 rooms) across 11 countries, with a long average residual lease term of 10.7 years.
Outlook
Covivio Hotels reiterates a growth and portfolio‑optimization strategy, benefiting from continued hotel market recovery in Europe (RevPAR gains in southern Europe, Germany and France) and active contract management (lease/management/franchise mix).
Summarized from source with an LLMView SourceKey figures
Performance
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4304 M
Market cap (USD)
129
Daily traded volume (Shares)
20.5 / 19.9
1 day high/low (USD)
52 weeks high/low (USD)
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