PPHE reveals double digit revpar rise
PPHE Hotel Group saw increased revpar of 13.9% to £75.50 (€102.30) as revenue rose by 12.5% to £45.4m (€61.5m) in the first three months of the 2015.
The group, which operates hotels across Europe under the Park Plaza and Art'otel brands, said that the revpar growth was a result of a 6.9% increase in average room rate to £97.50 (€132.10) and an increase in occupancy to 77.5%.
PPHE said that trading since the 31 March 2015 was in line with expectations, but cautioned that the strength of the pound might impact demand from European markets.
President and chief executive Boris Ivesha said: "This growth was the result of improved trading conditions across all our operating regions and the strong Sterling to Euro exchange rate.
"During the quarter we have made good progress across our new hotel projects and hotel renovations, with our renovation and rebranding project in Croatia nearing completion in time for the summer season. The board expects our full year results to be in line with its expectations."
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