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period included the art'otel Amsterdam, while a conditional development agreement to lease a site at Luton Airport was rescinded.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