MADRID (Reuters) - Spain's largest hotel chain Melia on Thursday posted a 25% rise in net profit to 162 million euros ($169 million) in 2024, beating analyst expectations, after focusing on luxury accommodation to better benefit from a record tourism boom.
Analysts, on average, had expected a net income of 130 million euros.
Melia has invested 400 million euros in the last two years in turning more than half of its hotels into premium destinations. It plans to open more luxury hotels in Barcelona, Malaga and Madrid to boost room rates as smaller rivals also bet on the upmarket sector.