Hotusa, the hotel group led by Amancio López Seijas, has returned another 28 million euros to the Strategic Companies Solvency Support Fund, known as FASEE, created during the pandemic. The public entity SEPI approved the partial repayment of 28 million euros requested by the company, plus the interest of the operation. This early repayment adds to the 52 million repaid a year earlier and stems from the surplus cash flow of the enterprise, mirroring the previous refund. The group has already returned 80 million, and it had received aid totaling 241 million.
The early repayments align with the group’s reported results. In 2023, Hotusa posted revenue of 1.418 billion euros, up 23 percent from 2022, while earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 51 percent to 202 million euros. The growth in earnings was driven by a policy of expansion, tight cost management, and robust demand throughout the year. The group operates in more than 130 countries and employs around 6,000 people.
The hotel chain, founded 46 years ago, is organized into three business units: hotel services represented by Keytel, distribution through Restel, which together generate around 800 million euros in revenue, and the hotel operations arm, Eurostars Hotel Company, with about 700 million euros in revenue. Approximately one third of the hotels under the group brands are owned, with the remainder managed under agreements with third parties, ranging from investors to family offices, under which the group guarantees management.
461 million recovered
The total of all early repayments to date by the fund for strategic companies amounts to 461.4 million euros of the overall funding provided by the fund. SEPI notes that this evolution demonstrates the usefulness of the temporary mechanism, which has helped maintain activity and employment in firms affected by the COVID-19 crisis, including those in the strategic tourism sector.
In addition, the 26 companies currently financed by the fund have seen payrolls rise by about 20 percent compared with the employment levels recorded at the time the aid was granted. The reform and liquidity measures enabled by FASEE are cited as key factors in sustaining the sector through the disruption caused by the health emergency, ensuring continuity for workers and ongoing operations across travel, hospitality, and tourism services.