Positive results for PPHE
PPHE Hotel Group has posted a 27% increase in revenue to 141.8m for the six months ending 30 June 2017.
RevPAR also increased by 14.6% to £83.6, compared with £73 for the same period last year.
Normalised profit before tax increased by 10.3% to £3.1 million. Reported profit before tax decreased by 71.9%, mainly as a result of one-off benefits recorded in the six months to 30 June 2016.
PPHE Hotel Group has posted a 27% increase in revenue to 141.8m for the six months ending 30 June 2017.
RevPAR also increased by 14.6% to £83.6, compared with £73 for the same period last year.
Normalised profit before tax increased by 10.3% to £3.1 million. Reported profit before tax decreased by 71.9%, mainly as a result of one-off benefits recorded in the six months to 30 June 2016.
During the period it also completed and launched Park Plaza London Waterloo and Park Plaza London Royal, adding 706 rooms to its London portfolio.
It also entered into a sale and leaseback agreement for Park Plaza London Waterloo for £161.5m.
It also completed the acquisition of 44 aparthotel units in Park Plaza County Hall London for £15.2m.
Boris Ivesha, president and chief executive officer, PPHE Hotel Group, said: “We are pleased to report a strong first half year performance, with all our operating regions reporting strong growth.
“In addition, we benefited from our new openings in Nuremberg and London, all of which are now fully operational. During the period we continued to invest in the renovations of Park Plaza London Riverbank and Park Plaza Victoria Amsterdam and we are excited about their future prospects.
“Based on our results to date and current trading, the Board anticipates the full year results to be in line with its expectations.”
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