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PPHE Hotel Group announced its total revenue increased by 38.9% to £141.4m from £101.8m in 2020, according to its annual results for the financial year ended 31 December 2021.
The group correspondingly reported that normalised profit before tax improved to £47.5m, describing its financial position as “strong.”
PPHE said its “proactive” commercial strategy drove revenue generation during periods of low demand, with properties operating as UK government quarantine hotels for part of the year and Park Plaza Westminster Bridge London chosen as the “exclusive” host hotel for the 2021 Wimbledon Championships.
Additionally, the group saw recovery across “all key operating metrics”, with RevPAR up 22.1% year-on-year to £35.9 from £29.4 the same period last year.
According to PPHE, its continued progress against the £200m+ repositioning and development pipeline, provides a “strong foundation” for long-term sustainable growth.
Included in this pipeline is the construction of the new art’otel London Hoxton, expected to complete by 2024.
Boris Ivesha, president and CEO, said: “We are very pleased to have delivered strong progress against our long-term strategy during what has been a year of continued challenging trading conditions.
“Restrictions in the majority of our operating markets have now been lifted and, as has previously been the case, the quality and depth of the group’s portfolio have driven market outperformance when restrictions were eased particularly in the UK and in Croatia during the summer season.”
