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PPHE sees UK revpar fall by 3.8%

06 September 2018 by
PPHE sees UK revpar fall by 3.8%

PPHE Hotel Group has seen UK like-for-like revenue per available room (revpar) decrease by 3.8% to £112 for the six months to June 2018.

The group, which operates 38 hotels with 8,800 rooms, reported that total revenue increased 5% to £149m, with EBITDA up 1.7% to £40.6m and overall revpar up 2.9% to £86.

It put the growth in like-for-like sales down to increased tourism, particularly in London.

Total revenue in the UK increased by 4.7% to £90m, though revpar decreased by 3.8% to £112 as a result of a 5.7% drop in average room rate to £135.

In a trading update, PPHE said that work had commenced on the development of art'otel London Hoxton, after it acquired full ownership of this project earlier this year. It will be one of two new openings in London, which will add 500 rooms to the PPHE portfolio by 2022.

PPHE Hotel Group president and chief executive Boris Ivesha said: "We are pleased to report a solid first half performance, with further revenue growth and a 45% increase in the interim dividend.

"We remain focused in the second half of the year on the excellent service delivery for which our properties and people are known and on significantly progressing our renovation projects. We continue to expect the full year results to be in line with the Board's expectations."

PPHE to buy Reuben brothers' stake in Art'otel Hoxton for £35m >>

PPHE hotel group refinances its interests in four Park Plaza hotels >>
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