PPHE Hotel Group has posted financial results for the three months and nine months ended 30 September 2018.
Revenue growth was aided by the completion of the repositioning programme at Park Plaza Victoria Amsterdam, the opening of Arena One 99, the group’s first all glamping campsite in Croatia, and the maturing performance of Park Plaza London Waterloo and Park Plaza London Park Royal.
As anticipated, this growth was partly offset by a decline in revenue in certain hotels in the UK and the Netherlands due to ongoing renovation programmes.
Performance during the quarter ended 30 September 2018 showed like-for-like revenue increased by 4.5% to £114.2m (Q3 2017: £109.3m). Reported total revenue increased by 3.0% to £114.2m (Q3 2017: £110.9m).
Like-for-like RevPAR increased across all regions, with growth at 5.8% to £111.5 (Q3 2017: £105.4). Reported RevPAR increased by 6.5% to £111.5 (Q3 2017: £104.8).
Like-for-like average room rate increased by 2.5% to £128.7 (Q3 2017: £125.6), and average room rate on a reported basis increased by 3.4% to £128.7 (Q3 2017: £124.6).
On a like-for-like basis, occupancy increased by 270 bps to 86.6% (Q3 2017: 83.9%). Reported occupancy increased by 250 bps to 86.6% (Q3 2017: 84.1%). This increase was most notable throughout the UK and Germany.
For performance during the nine months ended 30 September 2018, on a like-for-like basis, revenue increased by 4.4% to £262.2m (30 September 2017: £251.1m). Reported total revenue increased by 4.1% to £263m (nine months ended 30 September 2017: £252.7m).
RevPAR on a like-for-like basis increased by 4.1% to £95.6 (nine months ended 30 September 2017: £91.8). Reported RevPAR increased by 4% to £95.3 (nine months ended 30 September 2017: £91.7).
The average room rate on a like-for-like1 basis increased by 0.5% to £120.5 (nine months ended 30 September 2017: £119.9). On a reported basis, average room rate increased by 0.6% to £120.2 (nine months ended 30 September 2017: £119.5).
On a like-for-like basis, occupancy increased by 270 bps to 79.3% (nine months ended 30 September 2017: 76.6%). Reported occupancy increased by 260 bps to 79.3% (nine months ended 30 September 2017: 76.7%).
Boris Ivesha, President & Chief Executive Officer, PPHE Hotel Group said, 'We are pleased to report a solid performance during the quarter, as we benefited from newly renovated and repositioned hotels and campsites in the Netherlands and Croatia and the maturing of recently opened hotels in the United Kingdom.
'Several additional repositioning projects are progressing to plan. These projects, which will enhance the quality and appeal of our offer, are part of our £190 million real estate investment programme and we expect to fully benefit from these works from 2019 onwards.
'During the summer we announced the official transfer of our ordinary shares from Standard Listing to Premium Listing on the official list of the UK Listing Authority and trading on the Main Market of the London Stock Exchange. This move has given us the opportunity to communicate with a wider potential investor base and we feel our Premium Listing is a new platform to support the continued growth of the Group.
'Based on our results to September and our outlook for the remainder of the financial year, the Board anticipates the full year results will be in line with its previous expectations.n the UK, the Netherlands, Germany and Croatia, offering approximately 8,800 rooms and eight campsites.'