In the first half of 2026, MRH Switzerland AG, the hotel division of AEVIS VICTORIA SA, reported a 1.0% increase in revenue to CHF 104.9 million, outperforming a Swiss hotel market that is expected to decline by 0.7% during the same period. The company's average room rate rose by 2.8% to CHF 651, and revenue per available room (RevPAR) increased by 3.2% to CHF 354, while occupancy remained nearly stable at 54.3%.
These results come amid provisional data from the Federal Statistical Office (FSO) indicating a 0.3% decrease in overnight stays from January to May 2026, with a further 2.2% decline estimated for June, including a 4.6% drop in foreign demand. MRH's performance demonstrates its ability to generate value through strategic positioning, pricing discipline, and quality offerings, even in a challenging market environment.
The company's operating profitability, measured by EBITDAR margin, is expected to remain largely stable at the historically high level of 26.1% from the first half of 2025. This stability is attributed to improved margins in the Food & Beverage segment, which rose to 16.6% (from 15.1% in H1 2025), and effective control of administrative, energy, and operational expenses.
MRH's revenue growth was driven by both accommodation and food and beverage sales. Accommodation revenue increased to CHF 61.5 million (from CHF 60.9 million), while Food & Beverage revenue grew to CHF 38.0 million (from CHF 37.7 million). This balanced performance underscores the strength of the company's diversified offerings across its portfolio of eleven hotels in premium destinations such as Zurich, Interlaken, Bern, Crans Montana, Zermatt, Davos, Flims, and London.
The company, a wholly owned subsidiary of AEVIS VICTORIA SA, operates under the Michel Reybier Hospitality brand, leveraging synergies with AEVIS's integrated real estate structure. Following a major investment cycle, MRH is focused on revenue quality, pricing discipline, and continuous operational improvement. The company enters the second half of 2026 with confidence, while monitoring international demand, geopolitical volatility, and economic conditions.
This performance is particularly notable given the broader market trends. According to the FSO, the Swiss hotel industry recorded 16.2 million overnight stays between January and May 2026, a slight decrease compared to the same period in 2025. The anticipated decline for the full half-year is approximately 0.7%, with final June figures to be published on August 4, 2026.
MRH's ability to increase RevPAR through higher average rates, rather than occupancy, highlights its focus on value over volume. This strategy appears to be paying off, as the company maintains high operating profitability despite market headwinds. The increase in RevPAR by 3.2% against a declining market suggests a robust competitive position and effective brand management.
For industry observers, MRH's results offer a case study in resilience and strategic pricing. The company's success in a challenging environment may signal a broader trend toward quality over quantity in the luxury hotel segment. As international travel patterns evolve, the ability to command higher rates while maintaining occupancy will be crucial for hotel operators worldwide.
MRH Switzerland AG employs 1,153 staff members and manages 1,180 rooms, generating 367,819 overnight stays annually. The company's performance in the first half of 2026 underscores the strength of its business model and the value of its partnership with Michel Reybier Hospitality, known for its commitment to excellence, authenticity, and simplicity in luxury hospitality.
