AEVIS VICTORIA SA - The hotel branch of AEVIS VICTORIA recorded strong growth in 2024, driven by the quality of its assets and the strength of its integrated model.

Press release

Interlaken, April, 1st, 2025

The hotel branch of AEVIS VICTORIA recorded strong growth in 2024, driven by the quality of its assets and the strength of its integrated model.

In 2024, AEVIS VICTORIA's hotel division saw a significant acceleration in its performance, both in terms of operations and asset valuation. It is based on two complementary pillars: MRH Switzerland AG, headquartered in Interlaken, which includes the hotel operating companies, and Swiss Hotel Properties AG (SHP), owner of almost all the Group's hotel properties.

MRH Switzerland AG recorded a revenue of CHF 188.4 million, up 10.5% (including 10.1% organic growth) compared to 2023, driven by a significant improvement in occupancy rates and RevPAR. EBITDA reached CHF 13.5 million, up from CHF 9.3 million the previous year, representing an increase of almost 46% (and 55% organically and excluding exceptional items). This performance reflects the positive impact of the repositioning strategy, implemented in partnership with Michel Reybier Hospitality, which manages the hotels under a management contract. Two hotels particularly illustrate this dynamic: the Mont Cervin Palace in Zermatt, which has reinforced its status as an alpine benchmark with noticeable increases in revenue and profitability, and the Victoria-Jungfrau Grand Hotel & Spa in Interlaken, which saw its revenue exceed CHF 50 million and its EBITDA rise by more than 27% year-on-year.

On the real estate side, Swiss Hotel Properties AG continued to enhance the value of its portfolio, which increased by more than CHF 23 million to CHF 881.2 million as at 31 December 2024. The portfolio includes iconic assets in Zermatt, Zurich, Davos, Interlaken and Flims. In Zermatt, the Group owns a unique real estate building complex including the Mont Cervin, Petit Cervin, Schweizerhof and Monte Rosa hotels, as well as several commercial premises, apartments and plots of land with high development potential. SHP also strengthened the third-party share of its rental income to CHF 4.3 million, up from CHF 2.7 million in 2023.

In line with its refocusing strategy, SHP initiated the sale of a portfolio of non-strategic assets at the beginning of 2025, for an amount close to CHF 100 million. This operation involves plots of land in Küsnacht and Crans-Montana, as well as apartments in Zermatt. The funds generated will be reallocated to the development of the Group's hotel branch. At the same time, SHP has reduced its debt leverage, with a Loan-to-Value (LTV) ratio dropping below 47% at the end of 2024. In an environment of falling interest rates, this development will enable a significant reduction in financial expenses from 2025 onwards.

The consolidated financial statements of AEVIS VICTORIA, prepared in accordance with Swiss GAAP FER, incorporate the SHP properties at their historical value. Consequently, variations in the value of the real estate portfolio are not reflected in the Group's financial statements. The figures presented here are derived from SHP's stand-alone accounts, treating the company as an independent entity, in an approach that allows for simulating the impact of revaluations on actual economic performance.

The 2024 results of AEVIS VICTORIA's hotel branch confirm the robustness of its integrated model, which combines high-level hotel operations with the ownership of quality real estate assets. In 2025, the Group intends to pursue its strategy of focusing on premium destinations, optimizing performance and creating sustainable value, relying on the complementary expertise of AEVIS VICTORIA and Michel Reybier Hospitality.

The start of 2025 confirms this momentum, with a 4% increase in revenue at the end of February, on a like-for-like basis. This growth is particularly driven by the Zermatt establishments, where the Mont Cervin Palace and the Schweizerhof continued their strong performance, and by La Réserve Eden au Lac in Zurich, whose activity is significantly higher than in the previous year. These early results point to a further improvement in operating indicators for the entire year.

For more information:
Media and investor relations: c/o Dynamics Group, Zurich
Philippe R. Blangey, prb@dynamicsgroup.ch, +41 79 785 46 32
MRH Switzerland AG and Swiss Hotel Properties AG: info@aevis.com, +41 79 635 04 10

About MRH Switzerland AG
MRH Switzerland AG is a hotel chain operating eleven palaces in Switzerland and abroad, under the Michel Reybier Hospitality brand. The hotels are located in premium destinations, including Zurich, Interlaken, Bern, Crans Montana, Zermatt, Davos, Flims and London. MRH Switzerland AG manages a portfolio with 1’180 rooms in operation, generating substantial annual traffic with 352’032 overnight stays. The chain employs 1’142 staff members. MRH Switzerland AG is a 100% subsidiary of AEVIS VICTORIA SA. www.michelreybierhospitality.com. 

About Swiss Hotel Properties AG
Swiss Hotel Properties SA is a Swiss hotel infrastructure company. Its real estate portfolio consists of 27 quality properties situated on 19 prime locations across Switzerland and in London, representing a total rental surface of 131’200m². The market value of Swiss Hotel Properties’ portfolio is estimated at CHF 881.2 million. Almost all properties are fully let, with long-term leases mainly concluded with the various Michel Reybier Hospitality hotels. www.shp.net. 

A propos de AEVIS VICTORIA SA
AEVIS VICTORIA SA investit dans les services à la personne, la santé, l’hôtellerie, les sciences de la vie et le lifestyle. Les principales participations d’AEVIS sont Swiss Medical Network Holding SA (76.3%, directement et indirectement), le seul réseau privé suisse d’hôpitaux présent dans les trois principales régions linguistiques du pays; MRH Switzerland AG, chaîne hôtelière exploitant onze hôtels en Suisse et à l’étranger; Infracore SA (30%, directement et indirectement), filiale dédiée à l’infrastructure médicale, Swiss Hotel Properties SA, un segment immobilier dédié aux hôtels, et NESCENS SA, une marque dédiée à la prévention et au better aging. AEVIS est coté sur le segment Swiss Reporting de SIX Swiss Exchange (AEVS.SW). www.aevis.com.