London hotels drive PPHE like-for-like sales up 17%

02 May 2017 by
London hotels drive PPHE like-for-like sales up 17%

PPHE Hotel Group has seen like-for-like sales improve by 17% for the first quarter of 2017, driven by market recovery in London.

In the three months to 31 March 2017 it launched the soft opening of Park Plaza London Park Royal (pictured) and continued to run Park Plaza London Waterloo, with both expected to be fully operational in the second quarter of 2017.

Thanks to the improved London trading and a currency exchange benefit, like-for-like sales were up 17% to £53.3m, while like-for-like average room rate was up 11.2% at £111.

Like-for-like revpar increased by 20.7% to £79.50, driving overall reported total revenue up 28.9% to £57.7m.

Boris Ivesha, president and chief executive officer, PPHE Hotel Group, said that the group had seen strong trading in what is usually the weakest quarter of the year, though he added that the 2016 figures had been hit by various acts of terrorism in Europe, renovations at certain hotels and Easter.

He said: "During the period, we launched the soft opening of Park Plaza London Park Royal and brought more rooms into operation at the new Park Plaza London Waterloo.

"Trading at both hotels has been encouraging and they are on schedule to be fully operational by the end of the second quarter. Our investment in renovations at Park Plaza Riverbank London and Park Plaza Victoria Amsterdam continued to plan."

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