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PPHE Hotel Group has reported an 11.7% increase in revenue to €70.2m (£54.9m) in Q3, compared with €64.6m (£50.5m) in the same period last year.
The group, which operates the Park Plaza Hotels and Resorts and art’otel brands, reported that, on a constant currency basis, total revenue increased by 7.4% in Q3 to €69.4m (£54.2m).
RevPAR increased by 11.4% to €123.5 (£97) in Q3, while average room rate increased by 8.9% to €137.5 (£107.5) and occupancy increased to 89.8%.
Overall in the nine months to 30 September 2014, PPHE has reported an 11.1% like-for-like increase in revenue to €190.7m (£149.1m) up from €171.5m (£134.1m) last year, and an increase in total revenue by 8.6% to €191.4m (£149.6m).
Boris Ivesha, president and CEO for PPHE, said: “I am pleased to report strong third quarter results for our group, with total revenue increasing by 12.7% and double-digit RevPAR growth. This year, we have re-opened yet another successful hotel in Croatia and have started the construction of three projects in London and one in Nuremburg.
“These new projects, and our progressive renovation programme, we believe, will further strengthen our market position. Based on our performance to date and the outlook for the fourth quarter, we expect our full year results to meet the board’s expectations.”
