Thursday 23 January 2020 2:49 pm

New London hotel drives revenue up for Park Plaza owner PPHE

Park Plaza hotel operator PPHE reported a jump in revenue following the opening of a new London venue. 

Like-for-like group room revenue for the year grew 6.3 per cent to £249m, from £234m the previous year, while reported room revenue was up 5.9 per cent to £250m. 

The FTSE 250 real estate group said revenue per available room for the year jumped 5.1 per cent to £103.7m, driven by occupancy growth of 130bps to 80.7 per cent. 

During the year the company launched the Holmes Hotel in London and in October reopened the Park Plaza Vondelpark in Amsterdam and Park Plaza Utrecht.

PPHE chief executive Boris Ivesha said: “We are on-course to continue our track record of delivering growth and results in-line with expectations.

“Our continued success is underpinned by our unique owner-operator model which distinguishes us from industry peers. 

“PPHE is able to access the most attractive sites for our hotel brands, capture substantial development profits and participate across the full hospitality value chain. 

“We are well positioned for future growth as we drive the performance of our well-invested estate and build out our more than £300m planned development pipeline across the UK, Europe and the US.”

Yesterday the group announced that chief operating officer Greg Hegarty has been promoted to deputy chief executive, while  former general counsel Inbar Zilberman has been appointed as chief corporate and legal officer.

Main image credit: PPHE