MRH Switzerland AG Outperforms Declining Swiss Hotel Market in H1 2026

MRH Switzerland AG, the hotel division of AEVIS VICTORIA SA, continued to grow in the first half of 2026 despite a slight decline in the Swiss hotel market. The company reported consolidated revenue of CHF 104.9 million, a 1.0% increase compared to the same period last year. This growth was driven by a 2.8% rise in average room rate to CHF 651 and a 3.2% increase in revenue per available room (RevPAR) to CHF 354, while occupancy remained virtually stable at 54.3%. These results underscore the resilience and qualitative outperformance of MRH's portfolio.

The Swiss hotel industry faced headwinds during the period, with provisional data from the Federal Statistical Office (FSO) indicating a 0.3% decrease in overnight stays from January to May 2026, followed by a 2.2% decline in June, including a 4.6% drop in foreign demand. Overall, the market is expected to contract by approximately 0.7% in the first half of 2026. In contrast, MRH's revenue growth and improving key performance indicators demonstrate its ability to create value through strategic positioning, pricing discipline, and high-quality offerings.

The company's operating profitability remained strong, with the EBITDAR margin expected to stay largely stable at the historically high level of 26.1% from the first half of 2025. This stability was supported by an increase in the Food & Beverage margin to 16.6% (up from 15.1%) and effective cost control across administrative, energy, and operational expenses.

MRH's success is attributed to the completion of a major investment cycle in its properties and its focus on revenue quality and operational efficiency. The company leverages synergies between AEVIS's hotel portfolio and the expertise of Michel Reybier Hospitality. Michel Reybier Hospitality, with more than 20 years of experience, operates hotels and residences that emphasize excellence, authenticity, and simplicity, aiming to provide guests with exceptional experiences that integrate sport, food, wellness, and passion.

MRH manages a portfolio of eleven hotels in premium destinations including Zurich, Interlaken, Bern, Crans Montana, Zermatt, Davos, Flims, and London, with 1,180 rooms and 367,819 overnight stays annually. The chain employs 1,153 staff members and is a wholly-owned subsidiary of AEVIS VICTORIA SA, which also invests in healthcare, hospitality, and infrastructure, with holdings in Swiss Medical Network Holding SA and Infracore SA, among others.

Looking ahead, MRH enters the second half of the fiscal year with confidence, while remaining attentive to changes in international demand, geopolitical volatility, and general economic conditions. The company's continued outperformance against a challenging market backdrop highlights its strategic strength and the enduring appeal of its luxury hospitality offerings.