PPHE Hotel Group reports 11.8% revenue jump

PPHE Hotel Group has reported an 11.8% jump in revenue to €302.5m (£233.6m), according to its audited annual results for the full-year 2015 ending 31 December.

On a constant currency basis, revenue increased by 4.4% to €282.3m (£218m), while earning before interest, taxes, depreciation and amortisation (EBITDA) were up 16.9% to €110.9 (£85.7m). EBITDA increased 9.1% to €103.4m (£79.9m) on a constant currency basis.

Reported profit before tax stood at €38.8m (£30m), slightly below 2014’s level of €41.6m (£32.1m).

Following the results, PPHE said it expects to see “substantial expansion” in London. The company currently has three new hotel openings planned and one major extension, which will see the company add an additional 1,067 new rooms to its UK portfolio – 900 of which will be in London.

The company – which will open an art’otel-branded property at London’s famous Battersea Power Station – currently has some 8,300 rooms across Europe and said it plans to have 10,000 in operation by 2019.

Boris Ivesha, president and CEO, said: “We are pleased to report another year of progress with double digit growth in revenue, normalised profit and normalised earnings per share. Excellent progress was also made with the various projects in our development pipeline.

“Trading in the year-to-date is in line with the board’s expectations in all markets. 2016 will be a tremendously exciting year for us, with three new hotel openings and the relaunch of the extended and significantly improved Park Plaza Riverbank London, collectively adding a further 1,067 rooms to our portfolio of which nearly 900 rooms will be in London.”