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Hotel Majestic Cannes Faces Financial Downturn

Hotel Majestic Cannes Faces Financial Downturn

Hotel Majestic Cannes-Societe Immobiliere et d’Exploitation (FR:MLHMC) has released an update.

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Hotel Majestic Cannes reports a decrease in occupancy rate to 41.56% for the first semester of 2024 from the previous year’s 48.56%, despite a 2% increase in average revenue per room. The company experienced a downturn in food and beverage turnover by 6.77%, and an overall half-year deficit of €1.1 million, an increase from the €0.5 million deficit in the previous period. This financial update comes with an optimistic outlook for the summer season, buoyed by events such as the Cannes Film Festival.

For further insights into FR:MLHMC stock, check out TipRanks’ Stock Analysis page.

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