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PPHE Hotel Group ‘trading ahead of expectations' in year to date

11 August 2015 by
PPHE Hotel Group ‘trading ahead of expectations' in year to date

The PPHE Hotel Group is trading "ahead of the company's expectations" thanks to strong northern European business, according to its interim results published today.

The group operates hotels under the Park Plaza Hotels & Resorts brand under licence from Carlson, and owns the art'otel brand.

In its results for the six months ended 30 June 2015, revenue had increased by 9% compared with the previous period, with revenue taken in euros up approximately 1% on a constant currency basis, which due to the strength of the pound versus the euro, equated to a 14% rise in euro revenues.

The group has now said it expects revenues for the period to be up 12% compared with the same period last year (2014); up to €140m compared with €125m.

The boosts were mainly attributed to improved occupancy and room rates in the Netherlands, Germany and Hungary, although the group stated that revenue would also be helped by its plans to carry out hotel refurbishment work in 2016 rather than the originally planned 2015. It confirmed it was planning four new hotel projects, one hotel extension and one rebranding project, which is expected to add over 1,000 rooms by 2016 and 352 more by 2019.

Boris Ivesha, president and chief executive officer, PPHE Hotel Group, said: "We are pleased to announce that as a result of strong trading during the first half and the significant progress against our strategy we expect our half year results to be ahead of the board's expectations."

The group owns, leases, manages, and franchises 38 hotels across Europe, the Middle East, and Africa, with a total of more than 8,300 rooms.

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TagsFinance and Hotels
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