Original-Research: MHP Hotel AG (von NuWays AG): Buy

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 € 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 € 25.7m and an EBITDA of € 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 € 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 € 3.20 (old: € 3.00) based on DCF.
 

You can download the research here: mhphotelag20251105update
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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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