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Spanish Hotel Meliá Reports Positive Growth Earnings

Melia Hotels International reports increased earnings for 2016 in Cuba. Photo: Cuba Business Report staff

Spanish hotel chain Meliá Hotels International reports positive earnings for its Cuba hotels and resorts in 2016 due to an increase in tourism to Cuba.  Cuba’s Ministry of Tourism (MINTUR) reported four million tourists visited last year representing a 13% growth over 2015.  This spike in tourism has contributed an estimated $3 billion dollars to the economy and Meliá’s earnings report in Cuba.

Non-stop daily flights to Havana, Varadero, Santiago de Cuba, Holguin, Santa Clara and Camagüey as well as the improvement in relations between Cuba and the United States has led to this increase in the number of North American visitors.  Some 284,000 travelers from North America were able to use the new 14 non-stop daily flights from Fort Lauderdale and Miami to Havana, Varadero, Santiago de Cuba, Holguin, Santa Clara and Camagüey.

The Meliá results for Cuba continue to improve due to a 10.3% improvement in RevPAR largely attributable to improved rates (+17.1%), especially in the cities of Santiago de Cuba and Havana.

Unless there are drastic policy changes which effect Americans visiting Cuba, the forecast looks good for 2017.

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Between January and September of 2016, Meliá Hotels revenue reached more than €14 million, 31% higher than in the same period in 2015. This growth came from higher prices and greater demand at Havana’s two most popular Meliá hotels, the Meliá Habana and Melia Cohiba.  RevPAR (Revenue per Available Room) grew by 10.3% due to improved prices from these two hotels.

Meliá Hotels International owns 4 and 5 star hotels and resorts throughout Cuba.  Meliá was the first Spanish hotelier to open a hotel in Cuba.  Meliá is the leading hotel company in Spain and one of the largest hotel companies in the world.  Meliá owns seven famous hotel brands and more than 370 hotels in 43 countries on four continents.  Spain, one of Cuba’s major trade partners has a strong presence in Cuba.

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