News Source: www.sharecast.com
PPHE Hotel Group revenue growth underpinned by UK properties
News Source/Courtesy: www.sharecast.com

Courtesy/News Source: sharecast.com

International hospitality real estate company PPHE Hotel Group reported growth in revenue for the three months ended 30 September on Thursday, aided by a strong revenue per available room (revPAR) performance in the United Kingdom.

The FTSE 250 company said that was driven by “good increases” in its average room rate across a number of properties, and maturing trading and recent openings across several hotels in London and Amsterdam.

For the three month period, like-for-like revenue rose by 5.6% to £120.2m, while reported total revenue was ahead 6.0% at £121.0m year-on-year.

In the same period, like-for-like revPAR increased by 3.9% to £116.3, and reported revPAR rose 4.3% to £116.3.

The board said revPAR growth was largely the result of “strong increases” in average room rate, particularly in the UK.

“We are pleased to report a solid performance during the quarter, with continued revenue growth and an increase in group revPAR of 4.3%, as we benefited from the recent completion of several major repositioning projects and maturing properties across our portfolio and strong trading in the United Kingdom,” said president and chief executive officer Boris Ivesha.

“Following several years of investment and disruption to operations, all hotels across our UK and NL portfolio are now open and contributing to the group's performance.

“Strong trading at Park Plaza Victoria Amsterdam in the Netherlands and Holmes Hotel London demonstrate our investment programme continuing to bear fruit, and we look forward to trading continuing to mature across other recently repositioned hotels in the coming months.”

Ivesh said the company expected to invest around £300m on its development pipeline, which included “exciting projects” such as ‘art'otel london hoxton’ and an art'otel at Hudson Yards in New York City.

“Based on our results to September and our outlook for the remainder of the financial year, the board anticipates the full year results will be in line with its previous expectations.”

As at 0930 GMT, shares in PPHE Hotel Group were down 1.09% at 1,820p.

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News Source: www.sharecast.com

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