First Sponsor posts 14.8% rise in Europe portfolio’s Q3 operating income
Persistent economic weakness in China continues to weigh on its Chengdu portfolio
First Sponsor, a property developer, reported a 14.8% increase in the operating income of its European portfolio for Q3 2026, reaching 17.2 million euros. This growth was driven by two newly acquired hotels, Crowne Plaza Amsterdam South and Andaz Amsterdam Prinsengracht, which contributed fully to Q3. The group's leased hotel income tripled to 3.5 million euros.
For the first nine months of the year, the European portfolio's operating income rose 7.7% to 42.7 million euros, while overall European hotel occupancy slightly decreased to 77.6% (down from 78.9% the previous year), but remained stable at 71.2% for the nine-month period. The average daily rate stayed steady at 132.2 euros. European portfolio revenue grew 5.1% to 35.6 million euros, thanks to Le Meridien Frankfurt's successful recovery post-renovation and the opening of Puccini Milan.
However, the EBITDA for the European portfolio declined slightly by 1.9% to 7.8 million euros, while the Chengdu portfolio faced a 16.1% revenue drop of 16.1% to 14.4 million yuan and a significant 52.4% EBITDA decrease to 1.1 million yuan due to weak economic conditions in China.
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