Revenue at Park Plaza parent PPHE Hotel Group increased by 2% last year with the help of three new hotels in Holland.
On a constant currency basis, like-for-like group hotel revenue increased by approximately 3%.
This reflected a strong underlying performance at the group’s UK hotels, despite a strong prior year comparative benefiting from the positive impact of the 2012 Olympic Games.
Overall occupancy increased to 80.7% from 77.4% in 2012 while average room rate declined by 4.1% to €125.5. As a result, group revenue per available room was flat at €101.4.
“Management’s focus for the group was occupancy-led, which resulted in a resilient overall performance,” the company said today.
PPHE won granted planning permission from Lambeth council in November for a 98-room extension at Park Plaza Riverbank London.
Wholly owned subsidiary Park Plaza Hotels Europe secured a new five-year €30 million term facility with Bank Hapoalim last month for general corporate purposes, including existing and prospective developments.
President and chief executive Boris Ivesha said: “I am pleased to announce that our teams have achieved year on year revenue growth, despite strong prior year comparisons following our record performance in 2012.
“Although we saw a slow start to 2013, in particular in The Netherlands, our focus on driving occupancy has resulted in overall growth and we expect the full year results to be in line with expectations.
“During the year we opened the highly-acclaimed art’otel amsterdam, successfully launched new restaurant concepts, made further strategic progress with acquisitions in London and Berlin and refinanced eight of our hotels enabling us to further invest in these valuable assets.”
The company has 38 owned, leased, managed and franchised hotels offering more than 8,300 rooms. Four further hotels representing 1,100 rooms are due to be added by the end of 2016.
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