Park Plaza gets London hotel boost

Park Plaza gets London hotel boost

A strong performance by London hotels was the main driver in a 15% rise in like-for-like revenues at Park Plaza Hotels last year.

New hotels such as the Park Plaza Westminster Bridge helped boost revenues.

The group’s revenue per available room (RevPAR) was up by 8.1% to €92.6 from €85.7 in 2010, helped by a 7.7% increase in average room rate.

Results for the fourth quarter were better than expected and as a result the company now anticipates that the results for the full year will alslo be ahead of its expectations.

In a trading statement today, president and CEO Boris Ivesha said: "Our 2010 openings and acquisitions have had a very positive impact on our overall performance in 2011.

“In the primary markets in which we operate we continued to benefit from high levels of demand.

“Our teams have successfully focused this year on growing our average room rates, while managing our cost base.

"We are also pleased to report progress on delivering our development pipeline which will add further value to the group in the near future.

“Given the ongoing economic uncertainty we will remain focused on revenue generation, increasing RevPAR, improving guest satisfaction and monitoring our expenses carefully."


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