PPHE Hotels powers ahead in first quarter
PPHE Hotel Group reported a strong start to the year with a rise in revenue.
Like for like revenue in the three months to March 31 rose by 8.1% to £62.4 million as revenue per available room [revpar] went up by 7.9% to £88.2 with an improved average room rate of £115.4.
The group has £240 million investment in place for the development of art’otel London Hoxton and several re-positioning projects.
The Holmes Hotel London (pictured) will be the first revamped property with a launch planned for May 22.
This will be followed by the completion of projects at Park Plaza Vondelpark, Amsterdam, Park Plaza Utrecht in Holland and Arena Kazela Campsite in Croatia.
The Arena brand in Croatia is expected to start repositioning the Verudela Beach Resort and Hotel Brioni, both in Pula, with completion planned for 2020 and 2022 respectively.
PPHE president and CEO Boris Ivesha said:”We are pleased to report a strong first quarter performance, with like-for-like revenue for the Group increasing by 8.1% reflecting good increases in occupancy and average room rate and the appeal of our portfolio and our rigorous focus on inspirational service delivery to delight our guests.
“We are continuing to make good progress in extending our property pipeline with the acquisition of an interest in a property in Manhattan, New York, and we look forward to progressing our pre-construction timetable with our partner in this new market for our art’otel brand.
“Our broader pipeline is strong with an approximate £240 million committed investment programme including several repositioning projects and the developments of our art’otel London Hoxton and art’otel London Battersea power station which are both progressing well.
“The group intends to continue with its mission to bring art’otel to major cities, building on the success of the brand in Amsterdam, Berlin, Cologne and Budapest.”
He added: “We take an integrated and entrepreneurial approach and have a strong 30-year track record in creating value through owning, developing and operating prime hospitality real estate, a robust financial position and an attractive pipeline to deliver future growth in profits and real estate assets.
“We look forward to progressing these new opportunities along with our committed repositioning and renovation projects through 2019 and expect to deliver full year results in line with expectations.”