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Original-Research: MHP Hotel AG - from NuWays AG
05.11.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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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: research@nuways-ag.com
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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