Park Plaza parent sees profits boost of 50%

Park Plaza parent sees profits boost of 50%

Park Plaza parent company PPHE Hotel Group achieved a 50.4% increase in 2014 pre-tax profits to €32.9 million.

This came as group revenue to December 31 rose by 10.5% to €270.4 million over 2013.

Hotels in the UK, which account for 65% of group revenue, continued to perform strongly and also benefited from the strengthening of sterling against the euro, the company said.

Construction started building three hotels in London and one in Nuremberg last year, representing a total of 1,023 rooms.

Group president and chief executive Boris Ivesha said: "2014 has been a very exciting year for us as we continued to deliver strong growth, with significant progress against our strategy with record reported revenue, up 10.5%, increased operating profit and improved earnings per share.

“All our operating regions reported growth with a continued strong performance in London and recovering markets, such as the Netherlands and Germany, showed further signs of improvement.

“Over the next two years, we will be significantly investing in our portfolio with renovations planned across many of our hotels to ensure our hotels continue to improve on their strong market positions.

“We also have a strong development pipeline to support our longer term growth and anticipate that by 2019 we will have nearly 10,000 rooms in operation."



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