PPHE Hotel Group posts 6% room revenue growth

PPHE Hotel Group’s like-for-like group room revenue rose by 6.3% to £249m in the year to 31 December 2019. In a trading update, the firm reported group room revenue for the year of £250m, up 5.9% from £237m a year earlier. Like-for-like revenue per available room grew by 5.1% to £103.70, which the board said was driven by like-for-like occupancy growth of 130bps to 80.7% and like-for-like average room rate growth of 3.4% to £128.50. The group said it was expecting to deliver full-year results in line with the board’s expectations, following a solid performance through the final quarter. It said the trading benefits from its £100m-plus multi-year investment and repositioning programme were starting to come through, following the launch of Holmes Hotel London in May and the reopening of Park Plaza Vondelpark in Amsterdam and Park Plaza Utrecht in October. “We are on course to continue our track record of delivering growth and results in line with expectations,” said president and chief executive  Boris Ivesha. “Our continued success is underpinned by our unique owner-operator model, which distinguishes us from industry peers.” He added that PPHE was able to access “the most attractive sites” for its hotel brands, capturing substantial development profits and participating across the full hospitality value chain. “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.” PPHE Hotel Group is scheduled to release its audited full-year results on 27 February. To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette