Search
The Caterer

Park Plaza operator reveals fall in revenue and revpar

05 November 2013 by
Park Plaza operator reveals fall in revenue and revpar

PPHE Hotel Group has reported a fall in revenue and revenue per available room (revpar) in the three months to 30 September 2013.

The group, which operates brands including Park Plaza and art'otel, said that revenue was £54.7m in the period, down 2.1%.

It added that revpar has fallen by 1.8% to £93.70 as a result of a weakening of the pound. Average room rate fell to £106.78.

Significant openings in the period included the art'otel Amsterdam, while a conditional development agreement to lease a site at Luton Airport was rescinded.

Boris Ivesha, president and chief executive of PPHE Hotel Group said: "‘We are pleased to report that the improvements seen in trading conditions in the second quarter have continued into the third quarter with other key developments during the period including the launch of the much anticipated art'otel Amsterdam and the acquisition of the freehold interests in two of our art'otels in Berlin.

Notwithstanding the challenging prior year comparatives due to the positive impact of the 2012 Olympics, we have reported a 1.1% growth in revenue on a constant currency basis. Trading since the period end has continued to be encouraging and we expect the full year results to be in line with expectations."

PPHE Hotel Group reports 2.2% like-for-like revenue fall in half year results >>

New Crowne Plaza for Albert Embankment, London >>

The Caterer Breakfast Briefing Email

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

Sign Up and manage your preferences below

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.