PPHE Hotel Group reports 2.2% like-for-like revenue fall in half year results

21 August 2013 by
PPHE Hotel Group reports 2.2% like-for-like revenue fall in half year results

Despite a strong performance from its six London hotels, the PPHE Hotel Group achieved a 2.2% like-for-like fall in revenue to £92.4m during the first half of the year.

The group, whose owns and operates 38 hotels in Europe, the Middle East and Africa under the Park Plaza and Art'otel brands, achieved a total revenue increase of 0.7% to £95.2m for the same period.

Revenue per available rooms (revpar) across all its properties fell 0.8% to €94.8 and average room rate was down by 4% to €122. Occupancy grew by 2.6% to 77.8%.

However, PPHE's hotels in the UK appeared to have bucked the trend across the rest of its portfolio, reporting a 4.4% growth in total revenue and 4.7% increase in occupancy. The company announced that the Park Plaza Westminster Bridge, in particular, performed strongly in the six months to 30 June .

Key events for the company during the period include the acquisition of a prime site near London's Waterloo Station, for the possible development of a new hotel, and the opening of Tozi, an Italian restaurant, at Park Plaza Victoria London, which has been ranked as the second highest rated restaurant on TripAdvisor.

PPHE currently has nine hotels in the UK with two in the pipeline, including the country's first Art'otel in Hoxton.

Park Plaza's London hotels contribute to strong half-year trading >>

Green light given for London's first Art'otel >>

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