Park Plaza Hotels has reported a strong summer financial performance with revenue up by more than 15% to €51.6 million in the three months to September.
The year on year rise was mainly attributed to an 8.7% rise in average room rates to 1416 and a 1.4% increase in occupancy to 84%. Revenue per available room was up by 10.7% to €97.5.
Total revenue for the nine months ending September grew by 53.8% to €147.7 million, primarily driven by a strong performance of hotels in London, particularly the Park Plaza Westminster Bridge.
President and chief executive Boris Ivesha said: “Park Plaza has continued to deliver a strong trading performance in the third quarter, in line with the board’s expectations, adding to an already strong first half of 2011.
“We have benefited from a recovery in all our markets and have continued to grow our RevPAR, mainly driven by increased average room rates across the portfolio.
“We have also strengthened our development pipeline by adding two key hotel projects in London and Pattaya Bay, Thailand and we continued extensive renovation works at several of our hotels.”
He added: “We remain focused on our growth strategies of driving top line growth and maintaining operational efficiency and have expanded our management team to support these strategies.”
Commenting on current trading, the company said: “Although mindful of the broader macro economic uncertainty in Europe which could potentially impact the hotel markets in which the group operates, trading since 1 October has continued to be in line with the board’s expectations.”