Aro-Palace, a hotel company with a market capitalization of 137 million RON on the Bucharest Stock Exchange (BVB), reports a profit of 1 million RON in H1/2024, an increase of 25% year-over-year.
The hotel company Aro-Palace, stock symbol ARO, published its financial statements for the first half of 2024 on the Bucharest Stock Exchange, which included a net profit of 1.06 million RON as of June 30, equivalent to a 25% increase compared to the same period in 2023.
Simultaneously, the company’s revenues stood at 14.5 million RON, down from 15.1 million RON in H1/2023.
In March, Aro-Palace announced the signing of a letter of intent to enter into a franchise agreement with Hyatt Hotel Corporation; thus, following the conclusion of the partnership, the ARO Palace hotel is expected to transition under the Hyatt brand.
The Aro-Palace company also has the Capitol Hotel in its portfolio, a 180-room hotel equipped with conference facilities and 2 restaurants, which is undergoing a radical restructuring process and will open its doors to guests at the end of 2025 under the Mercure Brasov Centre brand.
ARO shares have depreciated by 7.89% this year, with the dynamic over the last 12 months reaching minus 11.6%.
Controlled 85.7% by Transilvania Investments Alliance (TRANSI), followed by Winners First SRL, a company owned by Winners Holdings Investments, with 10.24%, the company is currently valued at 137 million RON.
Frequently Asked Questions
Which global hotel brands are entering the Aro-Palace portfolio?
Aro-Palace is entering a franchise agreement with Hyatt Hotel Corporation for the ARO Palace hotel and is transforming the Capitol Hotel into Mercure Brasov Centre.
What was the net profit growth for Aro-Palace in H1 2024?
Aro-Palace reported a net profit of 1.06 million RON, reflecting a 25% increase compared to the first half of 2023.
When will the new Mercure Brasov Centre open?
Following a radical restructuring of the former Capitol Hotel, the Mercure Brasov Centre is scheduled to open its doors to guests at the end of 2025.