Invest Securities remains 'neutral' on Covivio Hotels, with an adjusted target price of €15 to €14.5, after 'a first half which confirmed the very good trend of the first quarter, with RevPar in Europe well above pre-health crisis levels'.

Against this backdrop, Covivio Hotels' revenues rose sharply by +20% on a like-for-like basis. The sharp rise in financial expenses, however, mitigated the increase in RNR, which remains robust at +9.3%', notes the analyst.

'The sharp rise in rents since 2019 in a context of increased pressure on discretionary consumption calls for caution, but we continue to believe that the property company will be able to maintain its distribution', he continues.

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