ao link

You are viewing 1 of your 2 articles

To continue reading register for free, or if you’re already a member login

 

Register  Login

People still 'happy to spend' on holidays, says PPHE Hotel Group

Consumers are continuing to spend money on “attractive destinations and holidays” despite economic difficulties, PPHE Hotel Group has said.

 

The hospitality real estate group, which owns hotels operating under brands including Park Plaza and Art’otel, said trade in the UK remained “particularly strong” with the coronation of King Charles III on 6 May offering a further boost.

 

PPHE reported total revenue of £68.8m for the first three months of 2023, up 10% on pre-pandemic levels in 2019.

 

Occupancy levels continued to improve and “track closer” to 2019 levels in the UK, while growth was slower in Germany, PPHE said.

 

Average room rate was £143.70, up 24% on 2019, while revenue per available room (RevPAR) rose 9% on pre-pandemic levels to £96.20.

 

During the first quarter of 2023 PPHE fully opened its Art’otel at London’s Battersea Power Station development (pictured) while construction on the Art’otel London Hoxton is ongoing ahead of a planned opening in the first half of 2024.

 

PPHE has also received regulatory approval for the launch of its £220m European Hospitality Real Estate Fund to support further acquisitions.

 

The company said its confidence in the future was “stronger than ever in spite of the ongoing macroeconomic uncertainties”.

 

Boris Ivesha, president and chief executive officer of PPHE, said: “Pleasingly, the demand and booking momentum we experienced last year has continued into Q1 2023, and momentum remains with the business moving into Q2 2023. This affords us great optimism for the rest of the year, with forward bookings for summer and peak season also very healthy.

 

“Trading continues to indicate that consumers and our guests are happy to spend on attractive destinations and holidays regardless of the backdrop.”

Plant-Based World Expo

Plant-Based World Expo

Social Media Summit 2024

Social Media Summit 2024

Hotel Cateys

Hotel Cateys

Best Places to Work in Hospitality 2025

Best Places to Work in Hospitality 2025

Queen's Awards for Enterprise

Jacobs Media is honoured to be the recipient of the 2020 Queen's Award for Enterprise.

The highest official awards for UK businesses since being established by royal warrant in 1965. Read more.

Jacobs Media

Jacobs Media is a company registered in England and Wales, company number 08713328. 3rd Floor, 52 Grosvenor Gardens, London SW1W 0AU.
© 2024 Jacobs Media