PPHE Hotel Group saw a 6.7% rise in total room revenue last year over 2017.
The overall trading performance for the year is expected to be in line with the board’s expectations. Full results for 2018 are due to be announced on February 28.
Like-for-like revenue per available room increased by 5% to £98, helped by a 2% rise in average room rate to £123.4 as occupancy went up to 79.4% from 77.1%.
The company said in a trading update today: “This increase was mainly the result of improved trading across all our operating regions.
“In addition, the results benefited from the reinstatement of full room inventory at Park Plaza Victoria Amsterdam following completion of a major investment programme, and the first full year contribution of Park Plaza London Waterloo and Park Plaza London Park Royal, both of which were fully completed in 2017.
“As anticipated, room revenue performance in the year was impacted by the temporary closure of Park Plaza Vondelpark, Amsterdam and reduced room inventory at other properties due to real estate investment programmes, as well as the termination of a lease agreement in Dresden, Germany.”
The group owns, co-owns and develops hotels, resorts and campsites, operates the Park Plaza brand in the EMEA region and owns and operates the art’otel brand.
President and CEO Boris Ivesha said: “We are pleased to report a 6.7% increase in like-for-like room revenue, which has been achieved in a year of significant investment to support further growth.
“We continued to transform and re-position some of our prime properties to enhance the guest experience we offer, while delivering attractive and consistent cash returns for investors.
“Notably, we officially opened two re-positioned properties, Park Plaza London Riverbank and Park Plaza Victoria Amsterdam, and we launched Arena One 99, Croatia’s first all-glamping offer.
“As we enter 2019, I am confident that PPHE Hotel Group can continue to create and deliver strong shareholder value this year and beyond.”
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