PPHE welcomes ‘record’ revenues of £415m in FY23
According to the group, the UK and The Netherlands performed well across all segments, driving occupancy and rate growth
PPHE Hotel group has welcomed “record” revenues and EBITDA in its full-year results, as total revenues rocketed 25.6% to a record £414.6m, up from £330.1m the prior year.
In the year ending 31 December 2023, EBITDA rose by 35.5% to £128.2m, marking another record result for the group.
Over the period, occupancy increased to 72.4%, reflecting sustained growth throughout the year, whilst the average room rate continued to increase, rising by 4% to £166.8. In addition, RevPAR rose by 25.5% to £120.7.
According to the group, the UK and The Netherlands performed well across all segments, driving occupancy and rate growth.
Looking ahead, the group said it was on track with its £300m pipeline, which is nearing completion in H1 2024. It fully opened the premium lifestyle art’otel London Battersea Power Station in February 2023, and now detailed planning is underway to develop a 179-room hotel in its Park Plaza Victoria London property.
The group said there was “continued momentum” going into 2024, with overall forward booking levels consistent with those at this point in 2023.
Boris Ivesha, president and CEO, PPHE Hotel Group said: “PPHE continues to deliver significant growth and value creation through the hard work and dedication of our teams. In 2023, we achieved record levels of revenue and EBITDA, with EPRA earnings and NRV per share above 2022 levels, enabling us to propose a significantly enhanced dividend for shareholders.
“Meanwhile, we continued to deliver on our highly anticipated development pipeline, growing both our proprietary art’otel brand and our Radisson branded hotels, as well as delivering meaningful EBITDA upside.”
He added: “2024 is set to be a very exciting year for the group, as we are set to open our art’otel London Hoxton and art’otel Rome Piazza Sallustio, and we are able to welcome ever-increasing numbers of guests. The new year has started well and has seen a continuation of our strong momentum, which supports the Board’s confidence in the Group’s outlook.”
