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International hospitality real estate firm PPHE Hotel Group has reported a 4.5% increase in like-for-like revenue to £114.2m for the three months ending 30 September 2018.
Like-for-like RevPAR increased across all regions, with an increase of 5.8% to £111.50, compared with £105.40 the previous year, and occupancy increased by 270 bps to 86.6%, which was most notable throughout the United Kingdom and Germany.
Like-for-like average room rates also increased by 2.5% to £128.70, compared with £125.60 last year, and the rise was most notable in the Netherlands as an increased number of renovated rooms at Park Plaza Victoria Amsterdam became available in the period.
Boris Ivesha, president and CEO, said: ‘’We are pleased to report a solid performance during the quarter, as we benefited from newly renovated and repositioned hotels and campsites in the Netherlands and Croatia and the maturing of recently opened hotels in the United Kingdom.
“Several additional repositioning projects are progressing to plan. These projects, which will enhance the quality and appeal of our offer, are part of our £190 million real estate investment programme and we expect to fully benefit from these works from 2019 onwards.”
