Spanish hotel group Meliá expects its earnings before interest, taxes, depreciation and amortization (EBITDA) for the full year 2024 to be at least 525 million euros ($563.27 million), it said Thursday in a document filed with the National Securities Market Commission.

The Mallorca-based company added that it aims to reduce its net debt ratio to 2.5 times EBITDA.

Meliá also confirmed its previous target of signing 30 new hotels this year, which would represent an increase of 7,000 rooms compared to 2023.

Spain's largest hotel chain posted an 8% increase in net profit in 2023 after adding premium rooms at resorts to benefit from record sales following the drop in the COVID-19 pandemic.

In February, it said it expected tourism to remain strong through 2024.

(US$1 = €0.9321)

(Reporting by David Latona; editing by Inti Landauro and Tomasz Janowski; edited in Spanish by Benjamín Mejías Valencia)