Park Plaza Hotels parent PPHE Hotel Group today reported strong demand in the first half of the year with revenue up by 12.4% to €141 million.
However, pre-tax profit for the six months to June 30 declined by 16.2% to €14.8 million as a result of a one-off income benefit in the first half of 2014.
Revenue per available room was up by 12.5% to €119.8 driven by a 9% increase in average room rate to €144.5 and occupancy up to 82.9% from 80.3%.
The former Hotel Park in Pula, Croatia, re-opened in June as Park Plaza Arena Pula.
The company said that the construction of three new Park Plaza hotels, including two in London, is well under way while “good progress” has been made on extending and reconfiguring the Park Plaza Riverbank hotel in London.
When completed the three projects in London will increase the group’s room count in the capital by about 37% to more than 3,100 rooms. New Park Plaza properties in Waterloo and Park Royal are due to open in 2016.
Several hotel renovations started this year and others are due to commence in 2016. Refurbishment plans include the Park Plaza Victoria London and the Park Plaza Sherlock Holmes London.
“Our development pipeline includes some exciting new hotels in strong markets and we expect these hotels to add significant value to our group,” PPHE said.
Company president and chief executive Boris Ivesha said: “We are pleased with our results for the first half of 2015.
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