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PPHE Hotel Group has revealed that its pre-tax losses for the six months period ended 30 June 2021 have widened by 23.8% to £50.3m from £40.7m the previous year.
As a result of the ongoing Covid-19 pandemic, total revenue for the period dropped to £25.8m from £61.9m in 2020.
The group stated that the UK hotel market experienced a “significant decline” in activity, RevPAR fell by 68.6%, with occupancy of 12.8% compared with 34.7% for the same period in 2020. Meanwhile, the average room rate declined by 15% to £95.2 from £112 the prior year.
Boris Ivesha, president and CEO, PPHE Hotel Group, said: “In the period, we secured some exclusive contracts across several of our London properties and our flagship Park Plaza Westminster Bridge London was the proud host hotel for the players and support teams of the Wimbledon Championships.
“We also continued to make progress on our £200m+ development pipeline and through a partnership on two London properties we were able to unlock £113.7m of equity at the group’s latest NAV to grow our group to further increase our financial flexibility and support our recovery.”
He added: “Post period end, we have seen the increasing trend for leisure demand continue, while the number of enquiries for meetings and events in the UK is at the highest level since the pandemic started.”
