Park Plaza parent sees revenues rise

Park Plaza parent sees revenues rise

Revenue at Park Plaza and art’otel parent PPHE Group increased by approximately 12% last year over 2014.

The performance reflects continued strong demand and the strong sterling to euro exchange rate.  

On a constant currency basis, group hotel revenue increased by approximately 5%, the company said today in a trading update ahead of annual financial results being issued in March.

Revenue per available room [RevPAR] grew by 12.1% from €113.6 to €127.3, driven by an 11.3% rise in average room rate to €150.9 and an increase in occupancy from 83.7% to 84.3%.

Results for the year to December 31 are expected to be in line with company expectations as a result of the performance, the group said.

The company said it had a strong development pipeline which includes the expected opening of three new hotels and an extension of a property in London this year.

PPHE revealed that funding of up to £20.6 million had been secured to fund the building of a Park Plaza in Park Royal in London.

The company also continues to invest in improving and renovating hotels in London, Amsterdam, Nottingham and Utrecht.

President and chief executive, Boris Ivesha, said: "2015 has been another strong year for PPHE Hotel Group with pleasing year-on-year hotel revenue and RevPAR growth achieved.

“We are continuing to invest in the expansion and improvement of our hotel portfolio, which includes three exciting new hotels due to open in 2016, a hotel extension and an extensive renovation programme."


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