MRH Switzerland AG, the hotel division of AEVIS VICTORIA SA, continued to grow in the first half of 2026 amid a slightly declining Swiss hotel market. Revenue rose by 1.0% to CHF 104.9 million, while maintaining high operating profitability. The average room rate increased by 2.8% and RevPAR by 3.2%, confirming the portfolio’s resilience and qualitative outperformance.
MRH reported consolidated revenue of CHF 104.9 million during the first six months of 2026, representing an increase of 1.0%. Revenue from Accommodation rose to CHF 61.5 million (H1 2025: CHF 60.9 million). The Food & Beverage business also grew, with revenue of CHF 38.0 million (H1 2025: CHF 37.7 million).
According to provisional data and estimates from the Federal Statistical Office (FSO), the Swiss hotel industry recorded 16.2 million overnight stays between January and May 2026, representing a 0.3% decrease compared to the same period in 2025. The second estimate available for June 2026 shows a 2.2% decline in overnight stays, including a 4.6% drop in foreign demand. Based on this, the Swiss hotel market is expected to post a decline of approximately 0.7% for the first half of 2026 as a whole. The final figures for June will be published by the FSO on 4 August 2026.
In this less favorable environment, MRH recorded a 1.0% increase in revenue and a more pronounced rise in its key revenue-per-room indicators. The average room rate increased by 2.8% to CHF 651 (H1 2025: CHF 633). Revenue per available room (RevPAR) rose by 3.2% to CHF 354 (H1 2025: CHF 343). The occupancy rate remained virtually stable at 54.3% (H1 2025: 54.1%). The increase in RevPAR is therefore primarily due to an improvement in the average rate rather than an increase in occupancy. This demonstrates MRH’s ability to create value through the positioning of its properties, pricing discipline, and the quality of its offerings.
The EBITDAR margin - a key indicator of MRH’s operating performance given the AEVIS Group’s integrated real estate structure - is expected to remain largely stable compared to the historically high level recorded in the first half of the previous year (26.1%). This trend is driven in particular by the increase in the margin for the Food & Beverage business, which reached 16.6% (H1 2025: 15.1%), as well as by effective control of administrative, energy, and operational expenses.
Following the completion of a major investment cycle in its properties, MRH is continuing its strategy focused on revenue quality, pricing discipline, and the continuous improvement of each asset’s operational performance, leveraging the synergy between AEVIS’s hotel portfolio and the expertise of Michel Reybier Hospitality. MRH is entering the second half of the fiscal year with confidence, while remaining attentive to changes in international demand, geopolitical volatility, and general economic conditions.
