PPHE Hotel Group has announced its audited annual results for the year ended 31 December 2016, which shows a total revenue increase of 24.6% to £272.5m (2015: £218.7m), mainly due to the first time consolidation of its Croatian operations, new hotel openings and a currency exchange rate benefit. On a like-for-like basis, revenue increased by 6.0%.
The firm saw EBITDA rise by 17.5% to £94.1m (2015: £80.1m) and on a like-for-like basis EBITDA improved by 0.5%. Profit before tax increased by 6.4% to £31.7m (2015: £29.8 m). Reported profit before tax increased by 36.2% to £38.2m (2015: £28.1m).
The period saw the soft opening of Park Plaza London Waterloo (pictured), a 494-room hotel near Waterloo station, including an Espressamente Illy Cafe. There was also the construction of Park Plaza London Park Royal, a 212-room hotel, is progressing well and the hotel is expected to open at the end of the first quarter.
The major extension project at Park Plaza London Riverbank was completed, adding a further six floors (155 rooms) to the hotel. Chino Latino restaurant has been relocated to the first floor to maximise the views of the Houses of Parliament and River Thames.
Boris Ivesha, President and CEO, said, '2016 has been a busy and fulfilling year for the Group and I am pleased to announce that we have continued to report a solid performance, particularly in the second half of the year, with revenues increasing across all of our regions in Europe over the year as a whole.
'Trading in the year to date is in line with the Board's expectations in all markets, with the improved market conditions experienced in the second half of 2016 continuing into 2017. In the year ahead we expect further benefit from our new room inventory in London and Nuremberg where our market presence will be strengthened significantly.
'We remain focused on the creation and realisation of shareholder value and we will continue to invest in our existing portfolio, with extensive renovations at several of our hotels in London and the Netherlands, to ensure that our hotels continue to improve on their strong market positions.'