"The first few months of this year - in which we had Easter and last year we didn't - were higher than those of 2023 and in that sense the outlook is good. In addition, the bookings we have for the coming months are also higher than those we had last year" for the following months, said José Theotónio, at a meeting with journalists in Lisbon, to present the financial results of 2023.

According to the same official, the Pestana Hotel Group (PHG) obtained a net result of 105 million euros in 2023, 4% less than the previous year, since in 2022 the group had an extraordinary capital gain from the sale of a hotel unit, which yielded 75 million euros.

During 2022, the Group sold a hotel unit, the Pestana Blue Alvor, to the Azora fund, for 75 million euros.

"The outlook is positive, but since February 2020, when everything was going well, I have been very careful" in pointing out forecasts, he explained, recalling that in March of that year the economy closed due to the covid-19 pandemic.

In addition, he added, cancellation rates are now applied very differently, which means that advance bookings do not always translate into business.

Asked if he foresees a continued increase in the average price of overnight stays in 2024, José Theotónio said that the group's goal "is to be able to maintain the highest price", but that they understand that this strategy has to be carried out with some caution in some markets, given the context of inflation and high interest rates.

"I don't believe that we will be able to achieve the 10% increase (that we almost had in 2023), but that we will be able to at least pass on the inflation", said the CEO.

In terms of recurring result, that is, not taking into account the extraordinary capital gain obtained in 2022, PHG's profit rose 30% last year.

The group presented an Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of 189 million euros, an increase of 5%. In recurring terms, this indicator rose 25%.

Revenue rose 23% in 2023, to 557 million euros, benefiting mainly from a 9.5% growth in the average price of overnight stays. This stood at an average of 144.2 euros globally. In Portugal, it was 142.1 euros, up 8.9%.

The group's average occupancy rate was almost 67.7%, up 3.9%. In Portugal, it was 68.8%, up 3.4% compared to 2022, with American tourists registering the highest growth.

"This is a positive aspect, since it is more important to grow when we add value, which is through price, than when it is through occupation, by volume", he recalled.

In 2023, the group repaid variable interest rate loans early, maintaining the fixed rate strategy, resulting in a net debt/EBITDA ratio of less than 1. "This ratio is 0.9%", specified the CEO.

The group manages over 100 hotels in Portugal and abroad, in 16 countries, with over 12,500 rooms.

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