PPHE announces strong start to year with 8.1% like-for-like revenue boost

Park Plaza operator PPHE has seen an 8.1% like-for-like boost to revenues in the first three months of 2019, the firm has announced.

Results for the three months ended 31 March 2019 saw like-for-like revenues rise to £62.4m, while occupancy stood at 76.4%, up from 73.8% across the same period the previous year.

Average room rate was higher year-on-year, standing at £115.50 compared to the previous year's £110.6, while revenue per available room rose from £81.70 to £88.20.

The adjusted results do not include the 2018 figures for the art'otel Dresden, nor the results for the Park Plaza Vondelpark in Amsterdam, which is temporarily closed for repositioning.

President and chief executive Boris Ivesha said: "We are pleased to report a strong first-quarter performance, with like-for-like revenue for the group increasing by 8.1%, reflecting good increases in occupancy and average room rate and the appeal of our portfolio and our rigorous focus on inspirational service delivery to delight our guests.

"We are continuing to make good progress in extending our property pipeline with the acquisition of an interest in a property in Manhattan, New York, and we look forward to progressing our pre-construction timetable with our partner in this new market for our art'otel brand.

"Our broader pipeline is strong with an approximate £240m committed investment programme, including several repositioning projects and the developments of our art'otel London Hoxton and art'otel London Battersea Power Station, which are both progressing well."