Original-Research: MHP Hotel AG (von NuWays AG): Buy

Original-Research: MHP Hotel AG - from NuWays AG

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05.11.2025 / 09:00 CET/CEST

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Classification of NuWays AG to MHP Hotel AG

Company Name: MHP Hotel AG

ISIN: DE000A3E5C24

Reason for the research: Update

Recommendation: Buy

from: 05.11.2025

Target price: EUR 3.20

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

MHP secures new premium operating deal in Vienna; PT up

Yesterday, MHP announced that it will take over operations of the 310-room

Hotel Savoyen in Vienna's embassy district from early 2027. The hotel,

currently operated under the Austria Trend brand, will undergo comprehensive

refurbishment and reopen as the Sheraton Vienna once the rebranding is

complete. The property includes 197 double rooms, 43 suites and 70 executive

rooms as well as one of Vienna's largest hotel conference floors with more

than 1,000 m², offering substantial capacity for meetings, incentives and

events. The operational agreement was signed with the property owner

alongside a long-term franchise deal with Marriott.

Strategically, this is fully consistent with MHP's approach to secure

premium operating mandates for prime assets in Key DACH gateway cities. The

company has repeatedly demonstrated its ability to identify, negotiate, and

unlock value from underperforming but well-located hotels through strong

brand repositioning and operational excellence. Next to Le Méridien Vienna

and its own boutique hotel MOOONS, the addition of the Sheraton further

cements MHP's market leadership and scale advantage in Austria's capital.

The collaboration with Marriott once again underlines MHP's credibility as a

preferred operator for global hotel groups seeking reliable partners in the

region.

From a financial perspective, the portfolio addition should represent a

significant mid-term earnings driver. In a full-swing scenario, the hotel

should deliver an ADR of around EUR 210m, an occupancy rate of 80%, and a c.

35% F&B share (all eNuW) thanks to the large conference area. All this

should translate into a top-line contribution of EUR 25.7m and an EBITDA of EUR

2.1m, given a conservative margin estimate of 8%. We expect the hotel to

reach this stage within 2-3 years, which is why we conservatively modeled

only EUR 14.4m additional sales in FY27e and no bottom-line contribution due

to the ramp up.

In our view, the announcement again showcases MHP's ability to combine

disciplined deal-making with brand partnerships and operational know-how to

create long-term shareholder value. Together with the ongoing ramp-ups of

Conrad Hamburg and Koenigshof Munich, the Sheraton Vienna adds another

visible growth pillar supporting our medium-term outlook for rising revenues

and expanding margins. Moreover, further portfolio additions remain in the

cards as the company continues to be well equipped to grasp the

opportunities that are offered by the current market situation. With many

peers - especially in the economy and mid-scale segments - still struggling

with financing conditions and operational challenges, MHP is in a strong

position to capture those opportunities.

Confirm BUY with a new PT of EUR 3.20 (old: EUR 3.00) based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=764cb8758ca189e63eb8c6d39cc096ca

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: [email protected]

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2223952 05.11.2025 CET/CEST

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Quelle: dpa-AFX