Bankinter | The big hotel chains are confident that the tourist boom will last until, at least, the end of the year. That said, many of them are already seeing a reduction in the demand growth curve which anticipates a cooling in consumption in the medium-term. Meliá in particular expects to exceed 2019 figures this Christmas, also anticipating a revival in the urban hotel business at end-year or the start of 2023.
Analyst team’s view: In line with our estimates, which point to a winter season with strong demand, close to 2019 levels, followed by a spring/summer which could ease off due to a more than likely economic recession in Europe. However, in Meliá’s case, we need to take into account that 30% of its revenues comes from clients in North America, where the economy and consumption are looking more solid. We reiterate our Buy recommendation, with a potential revaluation close to +20%.