Business
Original-Research: MHP Hotel AG (von NuWays AG): BUY
Original-Research: MHP Hotel AG (von NuWays AG): BUY
About this update from Mhp Hotel Ag
Original-Research: MHP Hotel AG - from NuWays AG 04.02.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by - a service of . The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to MHP Hotel AG Company Name:MHP Hotel AGISIN: Reason for the research:UpdateRecommendation:BUYTarget price:EUR 3.3Target price on sight of:12 monthsLast rating change: Analyst:Philipp SennewaldSecuring 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 wi...