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PPHE Hotel Group has seen like-for-like total revenues rise by 1.8% to £143.5m in Q3, with growth seen in all of the group’s regions despite the weakening of the Euro, after both occupancy and RevPAR rose over the quarter.Over the period, reported revenue increased by 5.1% to £148.2m, “notably” benefiting from the recent openings of art’otel Zagreb and art’otel London Hoxton.
The like-for-like average room rate fell by 2.7% to £171.6 however, impacted by the phased openings of new properties.
Nonetheless, like-for-like occupancy continued to improve to 81.5%, up from 77.5% the prior year, while like-for-like RevPAR was £139.8, up by 2.3% against the prior year.
In the UK and the Netherlands, the group’s hotels delivered a “stable performance” characterised by continued occupancy increases, partially offset by minor rate decreases.
It added that the art’otel London Hoxton is nearing completion, with approximately 90% of rooms, the gym on the 26th floor, and meetings and events spaces on the 24th floor now in operation.
Since opening, the hotel’s meetings and events offering has been well received, and the hotel is expected to be completed and fully open during Q4 2024.
Looking ahead, the group said trading remains in line with current market expectations and it is confident in its FY24 outlook.
Greg Hegarty, co-CEO of PPHE Hotel Group said: “We are pleased to have delivered a quarter of RevPAR and occupancy growth, aided by the continued return in demand across corporate, business, and meetings and events segments.
“During the period, the group made good progress against our £300m+ pipeline, including the completion of Radisson RED Berlin Kudamm and the opening of more guest rooms, a gym and meetings and events spaces at art’otel London Hoxton.”
He added: “The group has a strong platform for continued growth, with newly opened hotels ramping up in performance, and we look forward to building on this momentum over the remainder of the financial year.”
