PPHE Hotel Group Limited, which 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 trading update for the quarter ended 31 March 2015.
Commenting on the performance, Boris Ivesha, President and Chief Executive Officer, said:
“2015 has started well for our Group and we are pleased to report a 12.5% increase in revenue and 13.9% increase in RevPAR. This growth was the result of improved trading conditions across all our operating regions and the strong Sterling to Euro exchange rate.
“During the quarter we have made good progress across our new hotel projects and hotel renovations, with our renovation and rebranding project in Croatia nearing completion in time for the summer season. The Board expects our full year results to be in line with its expectations.”
Performance and highlights
- Reported total revenue increased by 12.5% to €61.5 million (three months ended 31 March 2014: €54.6 million). This growth was a combination of improved trading and the strengthening of Sterling against the Euro. On a constant currency basis, total revenue for the quarter increased by 4.0% to €56.8 million.
- RevPAR increased by 13.9% to €102.3 (three months ended 31 March 2014: €89.8).
- This RevPAR growth was a result of a 6.9% increase in average room rate to €132.1 (three months ended 31 March 2014: €123.6) and 480 basis points increase in occupancy to 77.5% (three months ended 31 March 2014: 72.7%)
Trading since 31 March 2015
Trading since 31 March 2015 has remained in line with the Board’s expectations. However, the strength of Sterling against the Euro may have an adverse effect on demand from European markets for our hotels in the United Kingdom. In this context, Management is closely monitoring the Group’s performance to ensure such trends are identified and acted upon if required.
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 Company 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 1,000 rooms to the portfolio by the end of 2016 and an additional 352 rooms by the end of 2019.
For more information click here