PPHE reports 9.9% revenue increase due to strong London trading
PPHE Hotel Group saw revenue increase to £102.4m on a like-for-like basis driven by strong trading in London and Croatia.
That is according to the hotel group's third quarter results, which also attributed the increase to a currency exchange rate benefit.
Boris Ivesha, president and chief executive of the PPHE Hotel Group, said: "We are pleased to report a strong performance in the third quarter as we benefited from positive trading across several of our operating regions and new room inventory in London."
In the latest quarter, like-for-like average room rate increased by 9.2% to £123.80, occupancy was flat at 84% and revenue per available room (revpar) increased by 9.2% to £104.
In the nine months ended 30 September 2017, revenue increased on a like-for-like basis by 13.1% to £232m, average room rate increased by 10% to £118.50, occupancy increased to 76.7% from 74% during the same period last year, and revpar increased by 13.9% to £90.8.
These figures for the exclude Park Plaza London Waterloo and Park Plaza London Park Royal.
The company recently completed the sale and leaseback of Park Plaza London Waterloo for £161.5m, providing further capital for future investments, and Chen Moravsky announced his intention to step down from his executive roles of deputy chief executive and chief financial officer. He will become a non-executive director from 31 December and the process of recruiting a replacement has commenced.
Renovation works continue at Park Plaza London Riverbank, and Park Plaza Sherlock Holmes London.
PPHE Hotel Group deputy chief executive and CFO departs >>
PPHE Hotel Group reports like-for-like revpar increase of 17.9% >>
PPHE announces sale and leaseback of Park Plaza London Waterloo releasing £161.5m >>
Videos from The Caterer archives
