Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

Park Plaza Hotels reports strong half year results

19 August 2011 by
Park Plaza Hotels reports strong half year results

Park Plaza Hotels has reported a strong half year trading performance, with occupancy, average room rate and revenue per available room (revpar) all increasing year-on-year.

The company's six London hotels performed particularly well, with the Park Plaza Victoria London producing the strongest results. Revpar for the capital's properties was £112.10, outperforming its competitive set by £8, according to STR Global.

Total revenue for the company rose by 75.2% to £83.4m, year-on-year, with a profit of £1.2m achieved during the first six months of 2011, compared with the loss of £4.6m in the same period last year.

Boris Ivesha, president and chief executive of Park Plaza, described the results as strong.

"The trends seen in the first half have been maintained into the start of the second half of the year, with improvements in year-on-year revpar across all regions in which Park Plaza operates. We remain focused on our growth strategies of driving top line growth and maintaining operational efficiency whilst continuing to expand our portfolio of hotels through acquisitions, joint ventures and developments," he said.

Prior to the end of the reporting period, Park Plaza exchanged contracts to acquire 628 Western Avenue, Park Royal, London W3 for £6m. The company is now in the process of applying for planning permission to build a new hotel on the A40 site, opposite Park Royal underground station.

Later this year or early in 2012 construction will begin on the UK's first art'otel, in Hoxton, London.

Park Plaza currently operates 37 hotels worldwide.

Park Plaza reports increased revenue for 2010 >>

Park Plaza in £21m London hotels deal >>

Green light given for London's first art'otel >>

By Janet Harmer

E-mail your comments to Janet Harmer here.

If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.caterersearch.com/tabletalk

Caterersearch.com jobs

Looking for a new job? Find your next job here with Caterersearch.com jobs

Blogs on Caterersearch.com ](http://www.caterersearch.com/blogs) Catch up with more news and gossip on all Caterer's blogs
[E-newsletters](http://www.caterersearch.com/email-newsletters.htm)[ For the latest hospitality news, sign up for our E-newsletters
TagsFinance and Hotels
The Caterer Breakfast Briefing Email

Start the working day with The Caterer’s free breakfast briefing email

Sign Up and manage your preferences below

Check mark icon
Thank you

You have successfully signed up for the Caterer Breakfast Briefing Email and will hear from us soon!

Jacobs Media Group is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.


Ad Blocker detected

We have noticed you are using an adblocker and – although we support freedom of choice – we would like to ask you to enable ads on our site. They are an important revenue source which supports free access of our website's content, especially during the COVID-19 crisis.

trade tracker pixel tracking