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PPHE sees like for like revenue increase by 9.3%

31 October 2016 by
PPHE sees like for like revenue increase by 9.3%

PPHE Hotel Group, which owns the Park Plaza and art'otel brands, has reported its like-for-like revenue for the three months ended 30 September increased by 9.3% to £92.7m.

Reported total revenue for the period increased by 61.5% to £93.2m, compared to £57.7m for the three months to 30 September 2015.

The firm's performance was significantly impacted and driven by the consolidation of its seasonal Croatian operation.

Like-for-like average room rates increased by 11.5% to £113.30, while on a reported basis it increased by 0.9% to £113.40.

The like-for-like comparisons excluded Park Plaza Nuremburg, which fully opened in Q3 2016 and Park Plaza Prenzlauer Berg Berlin which left the system at the end of the second quarter 2016.

Occupancy remained flat for the three months ended 30 September at 85.6% on a like-for-like basis, while revenue per available (revpar) room increased by 11.3% to £97.

However, reported revpar was shown to decrease by 4.8% to £95.30 compared to £100.10 for September 2015.

For the nine months to 30 September like-for-like revenue increased by 4.3% to £204.2m and total revenue increased by 28.1% to £204.8m

Boris Ivesha, president and chief executive of PPHE Hotel Group said: "We are pleased to report a good performance during the third quarter, with reported revenue increasing across all our operating regions. In particular our acquisition in Croatia earlier this year had a significant positive impact on our results in the second and third quarters. In addition, our overall performance has benefited from the favourable Euro to Sterling exchange rate."

He added: "Our new hotel Park Plaza Nuremberg has now fully opened and we are on target for a soft opening of our two new London hotels in the final quarter of 2016, as well as the completion of the extension and reconfiguration of Park Plaza Riverbank London. Our London inventory is expected to increase by over 800 rooms once these projects have been completed. Based on our results to September and the outlook for the final quarter, the board anticipates the full year results to be in line with its current expectations."

PPHE's like for like revenue for H1 2016 remains flat >>

PPHE's revenue for Q1 2016 remains flat >>

PPHE enters into £87m refinancing agreement of Park Plaza Victoria London >>

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