Original-Research: MHP Hotel AG - from NuWays AG
Classification of NuWays AG to MHP Hotel AG
Securing another premium mandate with Hyatt Vienna; Chg. On Monday, MHP announced the takeover of operations of the Andaz Vienna with immediate effect. Moreover, the hotel will be rebranded as Hyatt Regency Vienna from April 2026. The transaction fits well into MHP's long-term growth strategy, further strengthening its positioning in the premium segment while maintaining its asset-light operating model. In detail: The 303-room house, including 44 suites, is located close to the Belvedere castle and benefits from a strong mix of leisure, corporate and MICE demand. With more than 2,000 sqm of conference and event space, the property is also clearly positioned towards business travellers and large-scale events, which should translate into an above group average F&B share (eNuW: 30%). Overall, the hotel is seen to contribute € 25m in sales in FY26, which should translate into a € 26m run-rate, including the seasonally weaker January (eNuW). This also implies a RevPar of c. € 150, which MHP should be able to improve closer toward group average (eNuW: € 175 in FY25), following the rebranding. Indicating a steady-state margin of 7%, the new house is seen to contribute strongly towards cash generation, given the low capital intensity of the operating business. From a strategic perspective, the deal marks another step in MHP's cooperation with leading international brands, adding a third partner next to Marriott and Hilton, thus diversifying the portfolio further. This clearly underlines the company's appeal as a franchise and operating partners for both institutional owners and hotel brands while at the same time enhancing its visibility in key European gateway cities, now putting Vienna at the forefront with three hotels (4 if including Sheraton opening in FY27). Importantly, the Hyatt transformation goes along with full operational continuity, as the hotel remains open throughout the transition. The existing team is retained and all bookings and contracts are honoured to support a smooth earnings contribution from day one. Despite the two recent deal announcements, we would not rule out further additions throughout the year, expanding the pipeline, which already consists of the opening of the Sheraton Vienna (310 rooms) in 2027 and the Autograph Collection Stuttgart (132 rooms) in 2028. Please note, the company will release its Q4 hotel performance figures on February 10th. That said, Monday's news fully confirms our view on the case and reinforces our conviction in MHP's premium expansion strategy. Confirm BUY with a new PT of € 3.30 (old: € 3.20) based on DCF. You can download the research here: mhp-hotel-ag-2026-02-04-update-en-25bd5 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 ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2270956 04.02.2026 CET/CEST
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