Register to get 3 free articles
Register to unlock the article and receive our free newsletter. Join 26,000 other hotel leaders and stay in the know.
Want unlimited access? View Plans
Already have an account? Sign in
Hotel group PPHE has reported a 5.9% increase in group room revenue to £250m compared with £237m last year.
In a trading update for the year ending 31 December 2019, the parent company of Park Plaza and Art’otel hotels also reported a 6.3% increase in life-for-like group room revenue for the year to £249m, compared with £237m in 2018.
The group’s RevPAR increased by 6% to £103.6 as occupancy increased by 120 bps to 80.6%. Average room rate also increased by 4.4% to £128.6.
The group said it is expecting to “deliver full-year results in-line with Board expectations following a solid performance through the final quarter”.
Boris Ivesha, president and chief executive officer, PPHE said: “We are on-course to continue our track record of delivering growth and results in-line with expectations. Our continued success is underpinned by our unique owner-operator model which distinguishes us from industry peers.
“PPHE is able to access the most attractive sites for our hotel brands, capture substantial development profits and participate across the full hospitality value chain.”
He added: “We are well positioned for future growth as we drive the performance of our well-invested estate and build out our more than £300m planned development pipeline across the UK, Europe and the US.”
