Spanish hotel chain Meliá Hotels expects to post better-than-expected earnings before interest, taxes, depreciation and amortization (EBITDA) of more than 525 million euros ($548 million) in 2024, CEO Gabriel Escarrer said Wednesday.

This year will be better for the company than 2024, he told a press conference in Madrid, expecting high-single-digit growth in revenue per available room.

Meliá, one of Spain's largest hotel operators with a global presence, had targeted EBITDA of about 500 million euros by 2024.

The company has reaped the benefits of €400 million it invested in new hotels during 2023 and 2024, including €235 million in Spain alone, Escarrer said. The company will open 70 new hotels by the end of 2026, focusing on the luxury market.

($1 = 0.9577 euros)

(Reporting by Corina Pons; editing by Inti Landauro; Spanish edition by Benjamín Mejías Valencia)