Europe-focused PPHE Hotel Group saw its like-for-like revenue grow by 8.1% in the first quarter of 2019 as its occupancy and average room rate increased.
Total revenue was up by 5.2% from £59.4 mln to £62.5 mln (€72.4 mln), while the revenue per available room increased by more than 10% to £88.20. The increase in like-for-like revenue was driven by strong growth in the UK as well as positive performances in the Netherlands, Germany and Hungary.
Occupancy rose from 73.7% to 76.4%, with the average room rate increasing to £115.50 from £108.70. On a like-for-like basis occupancy was up from 73.8%, while the room rate figure grew by 4.3% from £110.60.
PPHE, which runs the flagship art'otel chain, is looking to grow its portfolio in 2019 with a development pipeline of £240 mln, including entering the US market with an agreement to develop a site in Manhattan and the redevelopment of London's Battersea power station.
The company is also launching Holmes Hotel, a premium boutique hotel in London, in May and repositioning the Park Plaza hotels in Amsterdam's Vondelpark and Utrecht.
Boris Ivesha, president and CEO, said: 'We are pleased to report a strong first quarter performance, with like-for-like revenue for the group increasing by 8.1%, reflecting good increases in occupancy and average room rate and the appeal of our portfolio.
'PPHE's proven development strategy is to target real estate in prime locations and attractive geographies where we believe there is significant upside potential to drive growth and long-term value through both the property portfolio and operations.
'The Group intends to continue with its mission to bring art'otel to major cities, building on the success of the brand in Amsterdam, Berlin, Cologne and Budapest.'
