Two new UK hotels and the extension of a property in London are projected to add “significant value” to PPHE Hotel Group as 800 rooms are added.
The company said the construction of Park Plaza hotels at London Waterloo and Park Royal plus an expansion of the Park Plaza Riverbank in the capital are all on track for a soft opening before the end of the year.
The disclosure came in a trading update for the three months to September 30 which saw like-for-like revenue rise by 9.3% to £92.7 million with the average room rate up by 11.5% to £113.30.
This came as revenue per available room rose by 11.3% to £97.
PPHE has been re-shaping the business since the start of the year, including consolidation of its interests in Croatia as it took a controlling stake in the Arenaturist group.
President and chief executive Boris Ivesha said: “We are pleased to report a good performance during the third quarter, with reported revenue increasing across all our operating regions.
“In particular our acquisition in Croatia earlier this year had a significant positive impact on our results in the second and third quarters. In addition, our overall performance has benefited from the favourable euro to sterling exchange rate.
“Our new hotel Park Plaza Nuremberg has now fully opened and we are on target for a soft opening of our two new London hotels in the final quarter of 2016, as well as the completion of the extension and reconfiguration of Park Plaza Riverbank London.
“Our London inventory is expected to increase by over 800 rooms once these projects have been completed.
“Based on our results to September and the outlook for the final quarter, the board anticipates the full year results to be in line with its current expectations.”
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