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Park Plaza operator reveals 2% rise in revenue for 2013

23 January 2014 by
Park Plaza operator reveals 2% rise in revenue for 2013

PPHE Hotel Group has revealed that revenue increased 2% in 2013 thanks to its first full year of ownership of three properties in the Netherlands.

The group, which operates the Park Plaza Hotels and Resorts and art'otel brands, said that after taking into account currency fluctuations revenue increased 5%.

It said that marketing conditional had been challenging last year, particularly in the Netherlands, but despite that occupancy increased over three percentage points to 80.7%. Average room rate decreased by 4.1% to £102 (125.5 euros), while group revpar was flat at £83 (101 euros).

PPHE also confirmed that it had been granted planning permission for a 98-room extension at Park Plaza Riverbank London.

President and chief executive officer Boris Ivesha said: "I am pleased to announce that our teams have achieved year on year revenue growth, despite strong prior year comparisons following our record performance in 2012.

"Although we saw a slow start to 2013, in particular in The Netherlands, our focus on driving occupancy has resulted in overall growth and we expect the full-year results to be in line with expectations.

"During the year we opened the highly-acclaimed art'otel amsterdam, successfully launched new restaurant concepts, made further strategic progress with acquisitions in London and Berlin and refinanced eight of our hotels, enabling us to further invest in these valuable assets."

Park Plaza operator reveals fall in revenue and revpar >>
PPHE Hotel Group reports 2.2% like-for-like revenue fall in half year results >>

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