September gains outpace nine-month growth
September revenue increased 9.2% from a year earlier to CHF 16.3 million. The average room rate climbed 17.9% to CHF 488, while revenue per available room (RevPAR) reached CHF 295, a gain of 14.3%.
For the nine months through September 30, revenue rose 1.3%. Revenue from overnight stays increased 1.8% to CHF 95.7 million. With occupancy holding steady at 57.4%, the average room rate rose 5.4% to CHF 607 and RevPAR increased 5.1% to CHF 348.
MRH attributed its continued growth to higher average prices and strong occupancy at its flagship hotels. The company said the results supported its strategy for its high-end portfolio, which focuses on improving average room rates and RevPAR.
Flagship hotels and portfolio
The Victoria-Jungfrau Grand Hotel & Spa in Interlaken generated CHF 43.9 million in revenue over the first nine months, up 3.5%, alongside a 6.6% increase in its average room rate. Revenue also rose at La Réserve Eden au Lac Zurich and the AlpenGold Hotel Davos, by 4.4% and 10.1%, respectively.
MRH is wholly owned by AEVIS VICTORIA SA. In its August 3, 2026, first-half release, the company described an 11-hotel network operating under the Michel Reybier Hospitality brand in Switzerland and abroad. Its locations include Zurich, Interlaken, Bern, Crans Montana, Zermatt, Davos, Flims and London.
That release listed 1,180 operating rooms, 367,819 overnight stays and a workforce of 1,153.
Earlier results provide context
MRH had reported consolidated revenue of CHF 104.9 million for the first half of 2026, an increase of 1.0% from a year earlier. Its average room rate was CHF 651, up 2.8%, and RevPAR was CHF 354, up 3.2%. Occupancy changed little, reaching 54.3% compared with 54.1% in the first half of 2025.
In the August release, the company expected its EBITDAR margin to stay broadly in line with the historically high 26.1% achieved in the first half of 2025.
For the previous nine-month comparison, AEVIS VICTORIA's November 3, 2025, ad hoc release reported MRH gross revenue of CHF 157.4 million, up 3.8% from CHF 151.6 million in 2024. The portfolio remained unchanged at 11 hotels during that period.
Swiss hotel demand presents a mixed picture
The national figures cited in MRH's August release covered overnight stays rather than revenue. Provisional Federal Statistical Office (FSO) data put Swiss hotel stays at 16.2 million for January through May 2026, down 0.3% year on year. An estimate for June indicated a 2.2% decline, including a 4.6% fall in foreign demand. On that basis, the industry was expected to record about 0.7% fewer overnight stays across the first half.
The winter-season figures showed growth over a different reporting period. Provisional FSO data published in July recorded 18.7 million overnight stays from November 2025 through April 2026, an increase of 1.1%. Domestic stays rose 1.6% to 9.5 million, while international stays increased 0.5% to 9.3 million. Demand from the Asian market fell 10.1%.
In its 2026 outlook, Switzerland Tourism anticipated broadly stable demand after several very strong years, with overnight stays declining only slightly from the exceptionally high levels of previous years. It cited the Middle East crisis, weaker long-haul markets and rising costs. The organization also said the global luxury segment was much less exposed to those uncertainties, leaving Switzerland well positioned.
