PPHE reports strong Q3 results

04 November 2014 by
PPHE reports strong Q3 results

PPHE Hotel Group has reported an 11.1% like-for-like increase in revenue to €190.7m (£149.1m) for the nine months to 30 September 2014, up from €171.5m (£134.1m) last year.

The group, which operates the Park Plaza Hotels and Resorts and art'otel brands, said in an interim management statement that taking into account currency fluctuations, total revenue increased 8.6%.

Revpar (revenue per available rooms) was also up, by 11.9% to €112.2 (£87.80) for the same period (2013: €100.20/£78.40).

Average room rates increased by 8.7% to €134.30 (£105) and occupancy increased to 83.5%.

For the thid quarter, the hotel company said it increased like-for-like revenue by 11.7% to €70.2m (£54.9m), up from €64.6m (£50.5m) in Q3 2013, while revpar was also up, by 11.4% to €123.50 (£96.60).

The company reiterated its plans for extensive hotel renovations and in properties across Europe, which it said may have a temporary negative effect on its performance, but added that the investment in these projects would have a postitive impact in the long term.

Commenting on the results, Boris Ivesha, president and chief executive officer of PPHE Hotel Group, said he was pleased to to report strong third quarter results.

"This year, we have reopened yet another successful hotel in Croatia and have started the construction of three projects in London and one in Nuremburg. These new projects, and our progressive renovation programme, we believe will further strengthen our market position.

"Based on our performance to date and the outlook for the fourth quarter, we expect our full year results to meet the Board's expectations."

PPHE unveils double-digit revenue and profit growth >>

Greenlight and £80m funding for PPHE Waterloo hotel >>

TagsFinance and Hotels
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