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PPHE Hotel Group announces "solid performance" in interim results

31 October 2018 by
PPHE Hotel Group announces "solid performance" in interim results

PPHE Hotel Group, operator of the Park Plaza and Art'otel brands, has reported a 4.4% like-for-like increase in revenue to £262.2m for the nine months to 30 September.

Meanwhile, like-for-like revenue for the third quarter of the year rose by 4.5% to £114m.

The interim results also highlighted that like-for-like revenue per available room during the nine- and three-month periods increased by 4.1% to £95.6 and 5.8% to £111.5 respectively.

Boris Ivesha, president and chief executive, PPHE Hotel Group, described the results as "a solid performance".

"Several additional repositioning projects are progressing to plan. These projects, which will enhance the quality and appeal of our offer, are part of our £190m real estate investment programme and we expect to fully benefit from these works from 2019 onwards."

During the reporting period, preliminary construction works began at the 312-bedroom Art'otel London Hoxton, which is due to open in 2022.

The PPHE Hotel Group portfolio comprises 38 hotels and resorts in the UK, the Netherlands, Germany and Croatia, offering approximately 8,800 rooms and eight campsites.

PPHE sees UK revpar fall by 3.8% >>

PPHE hotel group refinances its interests in four Park Plaza hotels >>

PPHE to buy Reuben brothers' stake in Art'otel Hoxton for £35m >>

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