Published on : Wednesday, May 3, 2017
A 17% rise in like-for-like revenue to £53.3 million in the initial three months till March 31 during same period in 2016, as confirmed by the operator of the Park Plaza and art’otel brands report. This was driven by “a marked recovery in the leisure segment’’ in London, the opening of an extension to the Park Plaza London Riverbank hotel, enhanced trading in Germany and complimentary currency exchange.
In terms of like-for-like occupancy, the average room rate rose by 11.2% to £111 which is accounted by 71.6 percent. The revenue in terms of per available room rose by more than 20% to £79.50. PPHE said that trading since March 31 “has remained encouraging and our overall results are in line with the board’s expectations in all markets”. On Friday, the company announced that it plans a listing of its Croatian subsidiary, Arena Hospitality Group.
To quote President and chief executive Boris Ivesha, ‘We are pleased to report a strong first quarter performance, reflecting improved trading year-on-year across all our operating regions. The first quarter is usually our weakest quarter of the year and in 2016 was negatively impacted by various acts of terrorism in Europe, renovations at certain hotels and Easter. During the period, we launched the soft opening of Park Plaza London Park Royal and brought more rooms into operation at the new Park Plaza London Waterloo. Trading at both hotels has been encouraging and they are on schedule to be fully operational by the end of the second quarter.’
Tags: London tourism