Park Plaza parent reports 'another good performance' in third quarter

Park Plaza parent reports 'another good performance' in third quarter

Park Plaza parent company PPHE Hotel Group saw average room rates increase by more than 13% to £155.50 in the three months to September 30.

The company, which plans a 160-room art'otel to open in 2019 as part of the Battersea Power Station development in London, saw total revenue rise by 9.7% to €79.8 million in the summer quarter.

Revenue per available room [RevPAR] was up by 12.1% to €138.4 million, driven by the improved average room rate, although occupancy decreased slightly to 89%.

President and chief executive, Boris Ivesha, said: "We are pleased to report another good performance, with revenue for the quarter increasing by 9.7% and RevPAR by 12.1%.

“This growth was the result of continued strong demand in our markets leading to increased average room rates, and the strong sterling to euro exchange rate.

“Post period end we were pleased to announce the signing of a hotel management agreement for an art'otel in London as part of the prestigious Battersea Power Station development.

“Our development pipeline for London now includes four new hotels and one extension and reconfiguration, adding to our current inventory of more than 2,300 rooms.

“Based on our performance to date and the outlook for the fourth quarter, the board expects the full year results to be in line with its expectations."

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