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French REIT that owns hotel properties across Europe, leased to major hotel operators, majority owned by Covivio.
French REIT that owns hotel properties across Europe, leased to major hotel operators, majority owned by Covivio.
Collects rent from hotel operators under long leases, some fixed and some tied to the hotel's own revenue, and does not run the hotels itself. Covivio, the parent, owns the majority and manages the portfolio.
In one line: A French, hotel-focused version of Host Hotels & Resorts.
Moat: narrow (installed base, scale). Diversified pan-European hotel portfolio leased to strong brands, but rental income tied to hotel-sector cycles.
Headquarters: Paris, France · Founded: 2006 · Employees: 24
Size Covivio Hotels SCA (COVH.PA) is a France Real Estate company (Real Estate Investment Trusts) with a market value of $3.61B, the 79th largest of 206 France companies the cockpit tracks. Shares closed at €20.40 on 6 Nov 2026.
Performance Over six months the shares fell 9.3%, against -4.7% for the median peer and -0.4% for the France market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 4.7% over the last twelve months (peer median +4.4%); the operating margin is 40.6% (peer median 48.8%).
Valuation It trades at 12.1× forward earnings against a peer median of 20.0× (cheapest of 19).
Credit Covivio Hotels SCA has 2 bonds outstanding ($1.22B), rated BBB+ by the agencies and trading like A- at a weighted spread of 109 bp.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €716M | €722M | €609M | €557M | €471M |
| Revenue growth | — | +19% | +9% | +18% | — |
| Gross profit | €303M | €288M | €313M | €288M | €261M |
| EBITDA | €375M | €373M | €355M | €291M | €492M |
| Net income | €336M | €308M | €225M | -€11.6M | €479M |
| Free cash flow | €110M | €226M | €156M | €214M | €125M |
| Capital expenditure | €148M | €53.4M | €135M | €37.8M | €71.1M |
| Total debt | n/a | €2.55B | €3.08B | €2.74B | €2.78B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Covivio Hotels SCA COVH.PA | $3.61B | -9% | +5% | 41% | 12.1× | n/a |
| Host Hotels & Resorts HST | $16.9B | +15% | +5% | 14% | 23.2× | n/a |
| Covivio COV.PA | $5.64B | -16% | +5% | 54% | 9.2× | n/a |
| Accor AC.PA | $12.8B | +12% | 0% | 16% | 22.9× | 14.4% |
| Pandox PNDX-B.ST | $3.43B | -1% | +15% | 58% | 14.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | COVH.PA | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | +3.2% | 11th highest of 21 |
| 6-month return | -9.3% | -4.7% | 6th lowest of 21 |
| Distance from 52-week high | -17.7% | -13.8% | 8th lowest of 21 |
| Revenue growth (TTM) | +4.7% | +4.4% | 11th highest of 21 |
| Operating margin | 40.6% | 48.8% | 7th lowest of 21 |
| Forward P/E | 12.1× | 20.0× | cheapest of 19 |
| Bond spread | 109 bp | 125 bp | 2nd tightest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Covivio Hotels SCA COVH.PA | France | $3.61B | -9% | +5% | 41% | 12.1× | n/a | n/a |
| Independence Realty Trust IRT | United States | $3.63B | -9% | +3% | 17% | 65.8× | n/a | n/a |
| Colonial SFL SOCIMI COL.MC | Spain | $3.58B | -2% | +4% | 76% | 14.9× | n/a | n/a |
| Nomura Real Estate Master Fund 3462.T | Japan | $3.66B | -23% | -18% | 36% | 20.5× | n/a | n/a |
| Curbline Properties CURB | United States | $3.57B | +5% | +51% | 18% | 69.2× | n/a | n/a |
| First Capital Real Estate Investment Trust FCR-UN.TO | Canada | $3.55B | 0% | +3% | 49% | 18.3× | n/a | n/a |
| National Health Investors NHI | United States | $3.50B | -5% | +24% | 45% | 20.6× | n/a | n/a |
| Highwoods Properties HIW | United States | $3.47B | +24% | +6% | 26% | 44.5× | n/a | n/a |
| KDX Realty Investment 8972.T | Japan | $3.47B | -16% | +3% | 39% | 16.3× | n/a | n/a |
| Canadian Apartment Properties Real Estate Investment Trust CAR-UN.TO | Canada | $3.45B | -14% | -7% | 61% | n/a | n/a | n/a |
| Frasers Centrepoint Trust J69U.SI | Singapore | $3.43B | -5% | +16% | 62% | 17.1× | n/a | n/a |
| Primary Health Properties PHP.L | United Kingdom | $3.41B | +6% | +104% | 81% | 13.1× | n/a | n/a |
| Granite Real Estate Investment Trust GRT-UN.TO | Canada | $3.85B | -6% | +9% | 73% | 14.8× | n/a | n/a |
| SL Green Realty SLG | United States | $3.88B | +11% | +9% | 12% | n/a | n/a | n/a |
| SmartCentres Real Estate Investment Trust SRU-UN.TO | Canada | $3.37B | -3% | -1% | 52% | 32.6× | n/a | n/a |
| Broadstone Net Lease BNL | United States | $3.36B | -12% | +8% | 48% | 26.1× | n/a | n/a |
| Mapletree Industrial Trust ME8U.SI | Singapore | $3.89B | -10% | -5% | 65% | 14.6× | n/a | n/a |
| Shaftesbury Capital SHC.L | United Kingdom | $3.91B | +16% | +9% | 53% | 30.1× | n/a | n/a |
| Keppel REIT K71U.SI | Singapore | $3.27B | -5% | +5% | 49% | 19.2× | n/a | n/a |
| Glp J-reit 3281.T | Japan | $4.00B | -2% | -6% | 45% | 22.5× | n/a | n/a |
| Suntec Real Estate Investment Trust T82U.SI | Singapore | $3.18B | -7% | +1% | 56% | 19.4× | n/a | n/a |
Covivio Hotels SCA has 2 bonds outstanding with $1.22B face value. The agencies rate it BBB+; its bonds trade like A-. Weighted yield 4.53%, a spread of 109 bp over government bonds.