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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.

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