Worldwide: PPHE Hotel Group, formerly Park Plaza Hotels Europe, has reported a 3.4 per cent growth EBITDA to £117.4 million.
Like-for-like revPAR for the year to 31 December was up six per cent to £103.6 million.
During this time, the group has repositioned the Holmes Hotel London, Park Plaza Vondelpark in Amsterdam, and Park Plaza Utrecht.
With a 37-strong portfolio valued at £1.7 billion, the group’s development pipeline is expected to add more than 800 rooms by the end of 2023.
Boris Ivesha, president and CEO, PPHE Hotel Group, said: “Our 2019 financial results coupled with our strategic progress once again demonstrate the strength of our unique business model, the appeal of our hospitality real estate portfolio and our rigorous focus on performance. Over the last three years we completed more than £100m asset upgrade investment projects, the continued benefit of which is being reflected in our financial performance and a significantly enhanced guest experience.”
“Whilst we are closely monitoring the current uncertain macro environmental developments related to the Coronavirus outbreak and its impact on travel patterns, trading for the two months in 2020 for our group has been in line with the board’s expectations.”
“Our longer term outlook focuses on growth delivery through our well-invested portfolio, the delivery of our more than £300m development pipeline of new properties in London, New York and Eastern Europe and additional acquisition opportunities.”
PPHE recently announced plans to develop a 115-room hotel in Zagreb, Croatia, as well as acquiring full ownership of a site in New York City.
