Antonio Catalán’s hotel company breaks revenue records and earns 43 million in the midst of a wave of renovations

Belagua 2013, the holding company that channels the ownership of the chain’s hotels managed by the AC Hotels by Marriott chain in Spain, Italy and Europe, closed the 2024 portfolio as a very positive year for its business. Majority controlled by the businessman Antonio Catalán and owned by the Cosmen family and the founder of Almirall Néstor Oller -among other partners-, the firm He raised his business to record levels despite the investment effort undertaken to reform and reposition relevant assets.

The company chaired by Rafael Catalá – who was a minister during Mariano Rajoy’s time at the head of the Government – squeezed its profitability until it scored a net result of 43.5 million euros, 57% more than the previous yearthanks to increasing the rate of income by 10% to invoice its highest figure to date, 268.3 millionas recorded in the accounts deposited in the Commercial Registry. “This very positive evolution is additionally highlighted by the fact that several of the hotels have remained closed for several months of the year in the context of the renovations undertaken,” they highlight in the report that accompanies their balance sheet.

In more detail, the heritage highlights the renovations of the AC Hotel Cuzco (Madrid), AC Hotel Roma and AC Hotel Firenze properties. These account for the bulk of the additions to fixed assets that the company relates to a cost of almost 35 million euros in the last year, compared to the 13 million recorded in this item a year ago. In this scenario, the group’s management was already advancing in its report that envisioned a favorable evolution for the current year.

At the end of last year, the firm was exploding 63 hotels (52 in Spain, 1 in Portugal and 10 hotels in Italy)of which half are owned and the rest are leased. This portfolio includes one less asset in its portfolio that is due to the sale of the AC Aravaca, located next to the A-6 highway, in the Moncloa-Aravaca district, to Mercadona that was sealed at the end of 2023 in exchange for 16 million euros. With this photograph, society brings together 6,754 roomsdistributed mainly in Spain, with 5,445 ‘keys’ and Italy and Portugal, with 1,309.

In the same document, the company reflects how the last year was the scene of important corporate movements such as the absorption into the assets of eight companies: Universal Madrid, AC Hotel Avenida de América, AC Hotel Zaragoza, AC Hotel Montereal, Hotel Proyect Quince, AC Hotel El Villar, ACHM Sales Force and AC Córdoba Palacio. Likewise, it also proceeded to dissolve the company AC Hotel La Laboral SA, and establish Belagua Trieste SRL.

Belagua operates its hotels through a management, brand licensing and international service provision contract with ACHM Spain Management (as operator) and ACHM Global Hospitality Licensing (as licensor), owned by the Marriott Group. In this framework, the group has formalized contracts of key moneyfor which both companies pay certain amounts to Belagua, linked to the duration of the management agreements, and which must be reimbursed proportionally in the event of early termination. At the end of 2024, the group has recorded 5.7 million euros in the long term and 0.4 million in the short term for this concept, after having received 3.7 million euros during the year.