Ljubljana, 22 April (STA) - Real estate company Equinox, whose portfolio includes four hotels in the centre of Ljubljana, recorded a 37.9% increase in revenue to EUR 2.2 million in the first quarter of 2025. Its net profit of EUR 837,000 was up by 77.5%, the company said on Tuesday.
The company, formed in 2022 with the spin-off of real estate from Hoteli Union, owns the Grand Hotel Union, Hotel Lev, The Fuzzy Log and uHotel in Ljubljana as well as several office buildings in the capital.
Its net rental revenue amounted to EUR 2.09 million in the first quarter, up by 41.5% year-on-year. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 50.7% to EUR 1.7 million.
The funds from operations (FFO), an indicator calculated by adding amortization and depreciation to net income and subtracting any gains made on the sale of assets, was EUR 1.8 million, up by 26.3% compared to Q1 of 2024.
In the first quarter Equinox completed the renovation of 67 rooms in uHotel. The renovation of all 244 rooms is expected by 2028.
Equinox has also obtained operating permits for 30 apartments for short-term rentals in the Delo office tower.
