Lisbon, March 13, 2025 (Lusa) - PortoBay Hotels & Resorts achieved revenues of €129 million in 2024, up 11% on the previous year, reflecting the consolidation of operations in Portugal and Brazil, said the group's chairman.
As part of the BTL - Better Tourism Lisbon Travel Market, which is taking place in Lisbon, António Trindade told journalists that 2024 "was an excellent year".
The group's founder also reported a net profit of around €26 million and an EBITDA (earnings before interest, taxes, depreciation, and amortisation) increase of 16% to €54 million, "reflecting a robust operating performance and efficient cost management."
Lusa has since questioned the net results for 2023 and is awaiting a response.
"At the beginning of the year we had the goal of achieving the 2023 figures, the challenge is always to surpass the previous year and we did it," he said on the sidelines of BTL.
Thus, in Portugal, where the group has 14 units in Madeira, the Algarve, Lisbon and Porto, turnover totalled €116 million (+12%), with an average annual occupancy rate of 89%, in line with the previous year. In Brazil, the units in São Paulo, Rio de Janeiro and Búzios recorded revenue of 86 million reais (+11%).
In a statement, the group added that the guest profile remains predominantly international, representing more than 90% of the group's operation. In 2024, the main markets were the United Kingdom, Germany, the United States, Brazil, Portugal and France.
"Loyalty, a strategic asset of PortoBay, materialised through the Prestige by PortoBay programme, accounted for 36% of overnight stays in Portugal and 26% in Brazil," they say.
PortoBay invested €8 million in upgrading infrastructure and technological innovation, "focusing on renovating spaces and facilities in the hotels."
António Trindade said they expect to add the new unit in the Algarve, the PortoBay Blue Ocean, in mid-July this year.
"The recent investment in the Algarve, with the opening of the new PortoBay Blue Ocean in the summer and the temporary closure of PortoBay Falésia during the winter of 2025/2026, is a commitment to affirming the group and the brand in the Algarve," he said.
PortoBay intends to repeat in the Algarve, as it already has a "resort" experience consisting of the two hotels in Madeira. These hotels overlook Falésia Beach and share 35,000 square metres of gardens, facilities, and gastronomy.
In Madeira, he said, work is going ahead on the new PortoBay Old Town, a five-star hotel in the historic centre of Funchal, which is due to open in 2027.
The PortoBay group currently manages 17 hotels in Portugal (Madeira, Algarve, Lisbon, and Porto) and Brazil (Rio de Janeiro, Búzios, and São Paulo), in the four- and five-star segments. Its team of around 1,450 employees is responsible for these hotels.
MSF/ADB // ADB.
Lusa
