Melia Hotels International
Spanish hotel group running owned and managed resorts across Europe, the Americas, and Asia.
On the record
Checkpoint: Q2/H1 2026 earnings, first full quarter after the Cuba exit, tests the €565M+ EBITDA guidance
The call
Meliá's owned hotels and loyalty base keep it standing while AI booking tools and bigger loyalty programs circle around the edges, not through the front door yet.
Melia Hotels runs a collection of hotels that it either owns outright or manages under long-term contracts, with most new growth coming from management deals rather than ownership. The company is hard to compete with because it owns valuable real estate in prime vacation spots, has government permits and local relationships that took decades to build, and operates a massive rewards program that keeps customers coming back. The biggest thing to watch is whether the company can maintain its profit levels now that it sold off its 34 Cuban hotels in early 2026, since losing those properties is the first real test of whether the rest of the business is as strong as it appears.
Why
01
AI pressure: AI travel-booking agents (OpenAI, Google, Expedia AI tools). AI agents that book stays on a guest's behalf could route around Meliá's own site, chipping at its 48% owned-channel sales. Could AI do the core job? Unlikely.
02
Bigger players: Marriott and Hilton loyalty ecosystems. Marriott and Hilton run 200M+ member loyalty programs already live, dwarfing Meliá's 16.5M MeliáRewards base in scale. Could a giant copy it? Probably.
03
What protects it. Owned real estate, long-term management contracts, and destination-specific licenses that took decades to build in Spain, the Caribbean, and Asia.
What would change this call
Q2/H1 2026 earnings show whether EBITDA guidance of €565M+ holds. Tests if post-Cuba-exit recovery is real or if margins keep contracting.
Direct-channel (owned-channel) booking share stays near or above 48% in 2026 reports. Shows whether Meliá's loyalty base resists AI-agent and OTA disintermediation.
Barceló or RIU announce new Spanish-resort acquisitions or expansions in 2026. Would show a same-industry rival directly encroaching on Meliá's core leisure footprint.
Direct-channel (owned-channel) booking share stays near or above 48% in 2026 reports. Shows whether Meliá's loyalty base resists AI-agent and OTA disintermediation.
Barceló or RIU announce new Spanish-resort acquisitions or expansions in 2026. Would show a same-industry rival directly encroaching on Meliá's core leisure footprint.
Key numbers
- FY2025 EBITDA €544.7M, up 2.1% year over year
- FY2025 net profit over €200M, up 23.6% year over year
- Q1 2026 net profit fell 68% to €3.3M
Named risks
- Cuba exit (completed 2026-07-24) removes 34-hotel revenue base and pressured Q1 2026 net profit down 68%.
- Caribbean hurricane exposure and FX volatility flagged as ongoing 2026 headwinds.
- AI-agent booking disintermediation could erode direct-channel share versus Marriott/Hilton's much larger 200M+ loyalty programs.
- Family control concentration (~49.5% via Hoteles Mallorquines Asociados) limits external governance checks.
- Global hotel giants could target Spanish/Mediterranean leisure footprint given Melia's smaller scale (~380 hotels vs Marriott's 8,000+).
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Riu Hotels & Resorts | contesting | Both ranked top-2 Spanish hoteliers by revenue in 2023 |
| Barcelo Hotel Group | gaining on | Barcelo's FY2025 revenue ~€7.867B across hotels, travel and airline, larger diversified top-line |
| Marriott/Hilton/Hyatt/Accor | contesting | Dwarf Melia in global scale; flagged as possible entrants to vacated Cuban market post-2026-07-24 |
| NH Hotel Group (Minor Hotels) | contesting | Domestic Spanish peer in 2025 hotelier rankings |
Questions people ask
- Is Melia Hotels International profitable in 2025?
- Yes. FY2025 net profit exceeded €200 million, up 23.6% year-over-year, with EPS of €0.77 versus €0.64 in 2024, on consolidated revenue of about €2.078 billion and EBITDA of €544.7 million, as reported for the year ended 2025-12-31.
- Why did Melia Hotels International leave Cuba?
- Melia completed a full exit from Cuba on 2026-07-24, ending 36 years and a 34-hotel, roughly 14,053-room presence, citing US sanctions including a May 2026 executive order and a July 13, 2026 blacklisting of Cuba's tourism ministry, plus Cuba's energy crisis.
- Who owns Melia Hotels International?
- The Escarrer family remains controlling shareholder, holding about 49.5% via the vehicle Hoteles Mallorquines Asociados. Founder Gabriel Escarrer Juliá died in November 2024; his son Gabriel Escarrer Jaume now serves as Chairman and CEO of the publicly listed company (BME: MEL).
- Who is Melia Hotels International's biggest competitor?
- Domestically it competes with Riu, Barcelo and Iberostar, and ranked as Spain's largest hotelier by revenue in 2023 ahead of Riu and NH. Globally, chains like Marriott, Hilton, Hyatt and Accor dwarf Melia in scale by hotel count.
- Could AI replace Melia Hotels International's business?
- Unlikely in the near term. Melia's core assets are physical hotels, long-term management contracts, and a 16.5 million-member loyalty program as of mid-2025 (company-cited); AI is currently used for backend IT operations and marketing personalization, not replacing guest-facing operations.
- Is it safe to take a job at Melia Hotels International?
- Company-reported headcount was about 19,058 as of 2025-12-31, up 3.79% year-over-year, and FY2025 was profitable. However, Q1 2026 net profit fell 68% year-over-year to €3.3 million amid Cuba operational disruptions, showing near-term earnings volatility.
Timeline
- 2026-07-24Melia completes full exit from Cuba, ending 36-year, 34-hotel presence
- 2026-07-22Melia announces Cuba departure citing US sanctions
- 2026-07-13US blacklists Cuba's Ministry of Tourism, pressuring Melia's Cuba operations
- 2026-05-08Melia reports Q1 2026 results; 50% of Cuba capacity shut, net profit down 68%
- 2026-05-01US executive order tightens Cuba tourism restrictions
- 2026-03-06FY2025 earnings highlights published: revenue €2.078B, EBITDA €544.7M
- 2025-09-12Q2 2025 slides show managed/franchised portfolio at 66%, targeting 70%+
- 2025-03-04Huawei and Melia unveil Global Smart Hotel Showcase at MWC Barcelona
- 2024-11Founder Gabriel Escarrer Juliá dies; son Gabriel Escarrer Jaume becomes Chairman/CEO
Revision history
24 July 2026
First assessed. Hard to displace. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Melia Hotels International SA (SMIZF) Full Year 2025 Earnings Call Highlights (2026-03-06)
- Meliá closed the first quarter with 50% of its operational capacity closed in Cuba (2026-05-08)
- El top 10 de hoteleras en España lo lideran Meliá y Riu (2025-07-09)
- What is Sales and Marketing Strategy of Meliá Hotels Company? (2026-04-15)
- Meliá Hotels International (BME) (2026-06-29)
- Melia Hotels Intl Number of Employees 2026 (2026-06-29)
- Meliá Hotels Q2 2025 slides: Revenue up 4.9%, net profit surges 72.4% (2025-09-12)
- Spanish hotel chain Meliá says it's leaving Cuba because of US sanctions (2026-07-22)
- Meliá Hotels International, S.A. Insider Trading & Ownership Structure
- gurufocus.com (2026-07-24)
- Meliá Hotels International (MEL) Investor Relations, Earnings Summary & Outlook (2026-07-06)
- Who Owns Meliá Hotels Company? (2025-11-28)