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Hospitality real estate group, PPHE Hotel Group has reported an increase in both total and like-for-like revenues for the three month and nine month periods ending 30 September 2019.
Revenue growth, which was aided by a “strong RevPAR performance in the United Kingdom”, was driven by increases in average room rate across a number of properties, and maturing trading and recent openings across several hotels in London and Amsterdam.
For the three months to 30 September 2019, like-for-like revenue increased by 5.6% to £120.2m, whilst the reported total revenue increased by 6% to £121m.
In the same period, like-for-like RevPAR increased by 3.9% to £116.3m and reported RevPAR increased by 4.3% to £116.3m.
Boris Ivesha, president and CEO, PPHE Hotel Group said:’ ‘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.
“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.”
He added: “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.
“We expect to invest approximately £300m on our development pipeline, which includes exciting projects such as art’otel London Hoxton and an art’otel at Hudson Yards in New York City.”
The board also confirmed it expects its full year results to be in line with expectations.
