Park Plaza sees revpar rise by 6%
Park Plaza and Art'otel operator PPHE has reported a growth in revenue per available room (revpar) of 6.0% to £103.60.
In a trading update for the year to 31 December 2019, released ahead of its full year results at the end of February, the hotel operator said that like-for-like group room revenue for the year grew by 6.3% to £249m.
Its revpar growth to £103.60 was driven by occupancy on 80.6% and a 4.4% improvement in average room rate to £128.50.
PPHE said that the trading figures had benefited from its £100m repositioning programme and the launch of Holmes hotel London in May.
President and chief executive Boris Ivesha said: "We are on-course to continue our track record of delivering growth and results in-line with expectations. Our continued success is underpinned by our unique owner-operator model which distinguishes us from industry peers. PPHE is able to access the most attractive sites for our hotel brands, capture substantial development profits and participate across the full hospitality value chain.
"We are well positioned for future growth as we drive the performance of our well-invested estate and build out our more than £300m planned development pipeline across the UK, Europe and the US."
PPHE announced that Greg Hegarty has taken on the role of deputy chief executive alongside his existing position of chief operating officer, while Inbar Ziberman has been promoted from general counsel to chief corporate and legal officer.
