Covivio Hotels SCA
COVH
ISIN FR0000060303 / Valor 498268
Covivio Hotels SCA
UMushroom community rating:
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 (24.02.2026):
Covivio Hotels SCA — first half (H1) 2025 (covering Q1–Q2 2025): Group-share revenues were €163.4m (up +5.3% like‑for‑like), EPRA Earnings rose to €132.3m (+~10.7%) with EPRA EPS €0.88, the hotel portfolio was valued at €5,878m (group share, +2.3% LfL) and net financial debt fell to €1,966m, leaving the company with strong liquidity and an improved capital structure after a dividend‑in‑shares transaction.
Revenues & earnings (H1 2025)
Group‑share total revenues €163.4m (hotel revenues €162.9m), +5.3% LfL. Fixed rents represent ~56% of hotel revenues; variable revenues rose strongly. EPRA Earnings €132.3m (+10.7% vs H1 2024) and EPRA Earnings per share €0.88 (+8.8%).
Portfolio value & operating metrics
Portfolio valued at €5,878m (group share; €6,501m at 100%), +2.3% like‑for‑like over six months. Average yield excluding transfer taxes 6.4% (lease 6.2%, operating 6.5%). Financial and physical occupancy at 100%; average firm lease term 10.7 years. Disposals of €60m (group share). Notable transaction: new 12‑year Radisson lease at Roissy CDG expected to lift that asset’s revenue by >50% vs 2024.
Balance sheet & shareholders
Equity increased by €183m following a dividend‑in‑shares (82.3% uptake); 9,848,860 new shares issued, total shares 157,990,312. EPRA NTA €4,006m (€25.4/share) and EPRA NDV €3,843m (€24.3/share).
Debt, liquidity & credit
Net debt (group share) €1,966m vs €2,119m at 31/12/2024; LTV 29.8% (down 2.7 pts); average cost of debt 2.28%; average debt maturity 4.4 years. Net liquidity (incl. undrawn lines) €958m. Interest coverage ratio (ICR) ~8.1x; net debt/EBITDA ~6.4x. S&P rating confirmed at BBB+ stable.
Operations, outlook & risks
Revenue growth driven by stronger southern Europe (Spain, Italy) and France RevPAR improvements. Company reiterates strategy of portfolio optimisation and targeted revenue enhancement. Identified risks include sensitivity to interest‑rate and property‑market moves; covenants show significant headroom (most restrictive bank LTV covenant 60% vs current ~32%).
Summarized from source with an LLMView SourceKey figures
Performance
Volatility
4060 M
Market cap (USD)
1,223
Daily traded volume (Shares)
20.5 / 19.9
1 day high/low (USD)
52 weeks high/low (USD)
Dividend ex-date
Dividend (USD)
Dividend yield (p.a.)
Est dividend (USD)
Est dividend yield
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EPS (USD)
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Ratings & reviews
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