PPHE Hotel Group Limited, which together with its subsidiaries owns, leases, develops, operates and franchises full service upscale and lifestyle hotels in major gateway cities and regional centres, predominantly in Europe, has announced its interim management statement for the quarter ended 31 March 2014.
Performance and highlights during the quarter
- Total revenue for the first quarter increased by 12.4% to €54.6 million (three months ended 31 March 2013: €48.6 million). On a constant currency basis, total revenue for the quarter increased by 9.8% to €53.4 million.
- RevPAR increased by 11.7% to €89.8 (three months ended 31 March 2013: €80.4). This growth was the result of an 8.3% increase in average room rate to €123.6 (three months ended 31 March 2013: €114.1) and 220 basis points growth in occupancy to 72.7% (three months ended 31 March 2013: 70.5%).
- During the period, excellent progress was made in Croatia on the renovation and conversion of Arenaturist’s Hotel Belvedere, which will reopen as Park Plaza Belvedere Medulin in Q2.
- On 13 January 2014, the Group announced that it had sold 50% of the shares in the companies which own the freeholds and operating business of art’otel berlin mitte and art’otel berlin kudamm to a joint venture partner, while continuing to manage these hotels under long term hotel operating agreements.
Trading since 31 March 2014
Since 31 March 2014, trading has remained encouraging and our overall results are in line with the Board’s
expectations in all markets.
Commenting on the results, Boris Ivesha, President and Chief Executive Officer, PPHE Hotel Group said:
“We are pleased to report that 2014 has started well for our Group, as we benefited from improved trading conditions, the strengthening of the Euro and the contribution from our flagship art’otel amsterdam which opened in October 2013.
“We remain focused on investing in our portfolio to ensure we retain our strong competitive positions in the markets in which we operate. During the quarter, good progress was made on our renovation project in Croatia and we continued to advance our plans for an exciting renovation programme across several of our key hotels which is expected to commence later this year. The Board expects the full year results to be in line with its expectations.”
About PPHE Hotel Group
PPHE Hotel Group Limited is a Guernsey registered company and through its subsidiaries, jointly controlled entities and associates, owns, leases, develops, operates and franchises full service upscale and lifestyle hotels in major gateway cities and regional centres, predominantly in Europe.
The majority of the Group’s hotels operate under two distinct brands, Park Plaza® Hotels & Resorts and art’otel®. The Group has an exclusive licence from Carlson, a global privately held hospitality and travel company, to develop and operate Park Plaza Hotels & Resorts in Europe, the Middle East and Africa. The art’otel brand is fully owned by the Group. The Group has a minority ownership interest in the Arenaturist group, one of Croatia’s leading hospitality companies.
The portfolio of owned, leased, managed and franchised hotels comprises 38 hotels in operation offering a total of more than 8,300 rooms. The development pipeline includes four new hotel projects, one hotel extension and reconfiguration and two rebranding projects. These developments are expected to add over 1,200 rooms to our portfolio by 2017.
For more information about PPHE Hotel Group click here
For more information about Park Plaza click here