PPHE reports revenue recovered to 39.5% of 2019 levels last year

The group said it saw an immediate increase in new bookings following the lifting of Covid restrictions, momentum that continued throughout February, with demand at 65% of 2019 levels.

Last year, PPHE entered a long-term partnership with Clal Insurance, unlocking £113.7m of equity to give it further financial headroom to support its recovery and the ability to capitalise on growth opportunities.

Boris Ivesha, president and chief executive of PPHE Hotel Group, said: "While a number of macroeconomic pressures are likely to remain for the near term, our attractive portfolio, strong financial position and excellent team provide confidence that the strong customer demand for our leading proposition will enable the group to capitalise on both short-term demand and long-term growth opportunities to deliver for all stakeholders."

The board did not propose a dividend.

PPHE's £200m+ repositioning and development pipeline includes the Art'otel London Hoxton, expected to complete by 2024, and the Art'otel London Battersea Power Station, which will be operated by the group under a management agreement and is set to open in the second half of this year.

Two further projects are planned in London: a mixed-use scheme including a 465-bedroom hotel adjacent to Park Plaza London Park Royal; and a mixed-use scheme including a 186-bedroom hotel and office space close to London's South Bank.

Four of the group's London hotels are in the South Bank area of London, with further properties including in Victoria and Marylebone, and three properties in Nottingham, Leeds and Cardiff.

Last year, the group won the Cateys Best Employer award and regional vice-president operations for the UK Daniel Pedreschi was named Hotelier of the Year. Park Plaza Westminster Bridge London's executive chef Oliver Ruiz also won Hotel Chef of the Year (more than 250 covers) at the Hotel Cateys.