Strong UK growth drives revenue increase for PPHE
Park Plaza hotels (PPHE) has reported a 6% increase in like-for-like revenue in the nine months to 30 September 2019, driven by strong growth in the UK.
Total revenue reached £276.3m, with occupancy of 80.6% and revenue per available room (revpar) of £102.
Boris Ivesha, president and chief executive of PPHE, said: ''We are pleased to report a solid performance during the quarter, with continued revenue growth and an increase in group revpar of 4.3%, as we benefited from the recent completion of several major repositioning projects and maturing properties across our portfolio and strong trading in the United Kingdom.
"Following several years of investment and disruption to operations, all hotels across our UK and NL portfolio are now open and contributing to the group's performance. Strong trading at Park Plaza Victoria Amsterdam in the Netherlands and Holmes Hotel London (pictured) demonstrate our investment programme continuing to bear fruit, and we look forward to trading continuing to mature across other recently repositioned hotels in the coming months.
"We expect to invest approximately £300 million on our development pipeline, which includes exciting projects such as art'otel London Hoxton and an art'otel at Hudson Yards in New York City.
"Based on our results to September and our outlook for the remainder of the financial year, the Board anticipates the full year results will be in line with its previous expectations."
The group reported it is making progress at the Art'otel London Hoxton development, with the demolition of the existing structure on the site having commenced.
