Revenue increase is up by 27 per cent
Hotelier PPHE have reported a jump in revenue and profits today driven in part by a strong performance in its London Hotels.
The hotel group reported revenue increased by 27 per cent to £141.8m, up from £111.6m in the first half of 2016, while underlying earnings also increased 23 per cent to £39.9m.
Revenue per available room (RevPAR), which is the hotel industry’s measure of profitability increased 14.6 per cent to £83.60 up from £73.00.
Boris Ivesha, president & chief executive 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.”
PPHE has eight London hotels and has recently completed and launched the Park Plaza London Waterloo and Park Plaza London Park Royal.
Two new hotels in Hoxton and Battersea are currently under development for its lifestyle-oriented art’otel brand.