PPHE Hotel Group announce like for like revenue increase of 6.7%

31 January 2019 by
PPHE Hotel Group announce like for like revenue increase of 6.7%

Like for like room revenue for PPHE Hotel Group, operator of the Park Plaza and Art'otel brands, grew by 6.7% during 2018.

The company reported the news in a trading update ahead of its results for the year ended 31 December 2018, which are expected to be announced on 28 February.

The increase in turnover was boosted by the first full year contribution of Park Plaza London Waterloo and Park Plaza London Park Royal, both of which were completed in 2017.

Like-for-like revenue per available room (revpar) increased by 5% to £98 (2017: £93.30), a figure achieved through a 2% increase in average room rate to £123.40 (2017: £121). Occupancy increased from 77.1% in 2017 to 79.4%.

Reported group revpar increased by 5.3% to £97.70 (2017: £92.90), mainly due to strong revpar in the Netherlands and Germany. Average room rate increased by 2.5% to £123.10 (2017: £120.20), while occupancy increased from 77.3% to 79.4%.

Boris Ivesha, president and chief executive, PPHE Hotel Group, said that 2018 had been "a year of significant investment" to support further growth for the group, which comprises 38 hotels with 8,800 rooms in the UK and across mainland Europe.

"We continued to transform and reposition some of our prime properties to enhance the guest experience we offer, while delivering attractive and consistent cash returns for investors. As we enter 2019, I am confident that PPHE Hotel Group can continue to create and deliver strong shareholder value this year and beyond."

PPHE Hotel Group announces "solid performance" in interim results >>

PPHE sees UK revpar fall by 3.8% >>

Daniel Pedreschi moves to regional GM role at PPHE Hotel Group >>

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