PPHE Hotel Group reports like-for-like revpar increase of 17.9%
A strong operating performance has boosted revenue by 27% to £141.8m at PPHE Hotel Group, owner of the Park Plaza brand, for the six months to 30 June 2017.
EBITDA increased by 22.9% to £39.9m and on a like-for-like basis by 20.5% to £38m.
Revenue per available room grew by 14.6% to £83.60 (like-for-like revpar up 17.9% to £82.70), which was driven by a 11.9% increase in average room rate to £115.80 (like-for-like average room rate up 10.9% to £114.70).
Occupancy during the period increased by 1.7 percentage points to 72.2%, with like-for-like occupancy up 4.3 percentage points to 72.1%.
The like-for-like figures exclude the Park Plaza London Waterloo and Park Plaza London Park Royal, which both opened during the first half of 2017 and added 706 bedrooms to the London portfolio.
The period also saw the sale and leaseback of the Park Plaza London Waterloo for £161.5m.
Boris Ivesha, president and chief executive of PPHE Hotel Group, said: "We are pleased to report a strong first half-year performance, with all our operating regions reporting strong growth."
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