Park Plaza's London hotels contribute to strong half-year trading
Park Plaza Hotels has witnessed a strong half-year trading performance helped by its six London properties, the company has announced.
Total revenue for the company rose by 15.7% to £86.8 million, year-on-year, with a profit of £43m achieved during the first six months of 2012, compared with £1.2m in the same period last year.
Total revenue from the group's UK properties rose to £57.9m from £52.8m during the first six months of 2011, with the group's six London properties performing strongly.
Commenting on the results, Boris Ivesha, president and chief executive officer of the hotel group, said: ‘I am pleased to report a strong set of results for the first half of 2012, as we benefited from an improved average room rate and increased hotel ownership. PPHE hotel group's strong presence in London has been the main contributor to the group's operational growth and we have seen some benefits from this summer's various celebrations, festivals and sport events."
In June this year, the company completed the acquisition and simultaneous sale and leaseback of a mixed use development site in West London. Planning permission has now been granted for the development of a 160-bedroom hotel with health and fitness facilities.
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By Tom Vaughan
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