Park Plaza Hotels parent company PHE Hotel Group saw first half profits more than double on increased revenues.


Pre-tax profit increased by 106% to €19.2 million as revenue rose by 12.3% to €125.4 million.


Revenue per available room was up by 12.3% to €106.5 driven up occupancy rising to 80.3% from 77.8% and a rise in average room rate to €132.5 from €122.


The company secured an £80 million loan in the period to develop a 492-room hotel near London Waterloo station.


It also entered into a 50:50 joint venture for two freehold hotels in Berlin, while continuing to manage the properties under long-term operating agreements.


Chief financial officer Chen Moravsky was appointed as deputy chief executive from August 1, to support the company’s next stage of growth.


President and chief executive Boris Ivesha said: “I am pleased with our trading performance during the first half of the year and expect our full year results to be in line with the board’s expectations.


“We have successfully secured financing for the majority of projects in our development pipeline, enabling us to expand our portfolio, particularly in London, one of the world’s most resilient hotel markets.


“Our renovation projects have progressed well and we recently celebrated the opening of the fully renovated Park Plaza Belvedere Medulin in Croatia.


“Further renovation projects in several of our hotels in Amsterdam, Berlin and London are expected to commence in the second half of this year.”