Park Plaza report increased revenue for 2010

27 April 2011
Park Plaza report increased revenue for 2010

Park Plaza saw its total revenue increase by 74% for the year ending 31 December 2010, according to the group's unaudited results.

While the group's room occupancy decreased last year, an increase in room rates led to an overall profit during 2010.

This increase was further helped by the addition of 1,579 bedrooms to the group's portfolio, through the addition of two new-build hotels, including the flagship Park Plaza Westminster Bridge London, and one acquisition.

In 2010 earnings before interest, taxes, depreciation and amortization increased by 132.1% to £33.4m.

Trading conditions in all markets improved with early signs of recovery in the first half of the year, despite the travel disruption from snow in January 2010 and the Icelandic volcanic ash cloud in April.

Established London hotels, in particular, performed strongly, outpacing their competitors in terms of revpar, according to STR Global in December 2010.

Boris Ivesha, president & chief executive officer of Park Plaza, said that 2010 was an active and exciting year for Park Plaza, with a number of acquisitions and property developments coming to fruition.

"Over the course of the year, trading conditions in all the markets in which the group operates improved with the early signs of recovery seen in the first half gaining momentum in the second half of the year, as demand from both corporate and leisure travellers increased.

"The improved trading environment has continued into 2011 and the group has traded in line with the board's expectations during the first three months of the year. Looking forward, we remain focused on improving overall performance across our business, advancing confirmed development projects and actively exploring new opportunities."

Park Plaza in £21m London hotels deal >>

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By Gemma Rowbotham

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