TIDMPPH
RNS Number : 5949X
PPHE Hotel Group Limited
27 April 2023
27 April 2023
PPHE HOTEL GROUP LIMITED
("PPHE" or "the Group")
Trading Update
Trading momentum continues with Q1 above pre-pandemic levels
PPHE Hotel Group, the international hospitality real estate
group which develops, owns and operates hotels and resorts, is
pleased to announce a trading update for the three months ended 31
March 2023.
Q1 financial highlights
-- Total revenue of GBP68.8 million, up 115.0% vs Q1 2022, and
up 10.2% on Q1 2019(1) pre-pandemic levels driven by higher
rates.
-- The UK and the Netherlands showed particularly strong
performances, with trading consistently strong across leisure,
corporate travel and meetings and events.
-- The Group's disciplined rate-led strategy continues to deliver:
-- Average room rate was GBP143.7, up 15.8% vs Q1 2022 and 24.5% ahead Q1 2019 levels
-- RevPAR was GBP96.2, up 126.5% vs Q1 2022 and 9.1% vs Q1 2019
-- Occupancy levels continue to improve and track closer to 2019
levels in the UK and the Netherlands. Occupancy growth was slower
in Germany.
Q1 strategic highlights
-- Further strategic progress on delivery of the Group's
GBP200m+ development pipeline, including:
-- Conversion of an office building to Croatia's first art'otel in Zagreb (opening H2 2023)
-- Repositioning of the Group's hotel in Rome (reopening Q1 2024)
-- Construction of art'otel London Hoxton ongoing (opening H1 2024)
-- Re-branded hotel in Budapest from art'otel to Park Plaza in March 2023
-- Fully opened art'otel London Battersea Power Station to
critical acclaim, which includes the JOIA Restaurant & Bar, a
spa & wellness facility, and a rooftop bar with a heated
infinity pool. The hotel is operated by the Group's Hospitality
Management Platform under a long-term agreement.
-- Secured Clal Insurance as the cornerstone investor for the
Group's new European Hospitality Real Estate Fund of up to EUR250m
equity, to facilitate strategic acquisitions of hotels across
Europe and help scale the Group's Hospitality Management
Platform.
Post period end highlights
-- Received regulatory approvals for European Hospitality Real Estate Fund.
-- The Group announced it will open Radisson RED Belgrade,
Serbia later this year, marking its second hotel under its extended
partnership with Radisson Hotel Group. Following a repositioning
programme, the Group's 88 Rooms Hotel in Belgrade will be
relaunched, benefiting from Radisson's brand recognition, strong
distribution platforms and marketing programmes.
Current trading & outlook
-- Strong trading and booking trends seen in Q1 for leisure
stays, corporate business and meetings and events have continued
into Q2. The upcoming coronation of King Charles III in the UK has
supported this.
-- Forward bookings for the summer season, particularly in
Croatia, underpins confidence for FY 2023.
-- Consequently, the Group is on track to deliver further growth
in revenue and EBITDA in line with recently upgraded market
consensus(2) .
Boris Ivesha, President & Chief Executive Officer, PPHE
Hotel Group said:
"The Group's rate-led strategy continues to deliver, with
trading in our largest markets - the UK and the Netherlands -
delivering performances above pre-pandemic levels in revenue,
RevPAR and average room rates.
Pleasingly, the demand and booking momentum we experienced last
year has continued into Q1 2023, and momentum remains with the
business moving into Q2 2023. This affords us great optimism for
the rest of the year, with forward bookings for summer and peak
season also very healthy.
Our confidence in the future is stronger than ever in spite of
the ongoing macroeconomic uncertainties. The portfolio is
well-invested, the development pipeline is fully funded and
accretive, and our strong offering and financial position enable us
to take advantage of the continued momentum in the travel market.
Trading continues to indicate that consumers and our guests are
happy to spend on attractive destinations and holidays regardless
of the backdrop ."
Key financial statistics for the three months ended 31 March
2023 (unaudited)
Reported
Three months Three months Three months % change
ended ended ended 2022 vs
31 March 31 March 31 March 2019
2023 2022 2019
---------------- ---------------- ---------------- ----------
Total revenue GBP68.8 million GBP32.0 million GBP62.5 million 10.2%
---------------- ---------------- ---------------- ----------
Total room revenue GBP50.4 million GBP22.5 million GBP43.5 million 15.9%
---------------- ---------------- ---------------- ----------
Occupancy 66.9% 34.2% 76.4% (950) bps
---------------- ---------------- ---------------- ----------
Average room rate GBP143.7 GBP124.1 GBP115.5 24.5%
---------------- ---------------- ---------------- ----------
RevPAR GBP96.2 GBP42.5 GBP88.2 9.1%
---------------- ---------------- ---------------- ----------
(1) Comparative figures are provided for Q1 2019, which remains
the most relevant comparative. In Q1 2022 several of the Group's
operating regions were still in lockdown or impacted by government
COVID-19 measures, with restrictions substantially lifted in all
operating markets by the end of Q2.
(2) PPHE compiled analyst consensus forecast range for the year
ended 31 December 2023 shows total revenue of GBP368m - GBP376m and
EBITDA of GBP108m - GBP111m.
Enquiries:
PPHE Hotel Group Limited Tel: +31 (0)20 717 8600
Daniel Kos, Chief Financial Officer & Executive
Director
Robert Henke, Executive Vice President
of Commercial Affairs
Hudson Sandler Tel: +44 (0)20 7796
4133
Wendy Baker / Charlotte Cobb / Ben Wilson pphe@hudsonsandler.com
Notes to Editors
PPHE Hotel Group is an international hospitality real estate
company, with a GBP2.0 billion portfolio, valued as at December
2022 by Savills and Zagreb nekretnine Ltd (ZANE), of primarily
prime freehold and long leasehold assets in Europe.
Through its subsidiaries, jointly controlled entities and
associates it owns, co-owns, develops, leases, operates and
franchises hospitality real estate. Its portfolio includes
full-service upscale, upper upscale and lifestyle hotels in major
gateway cities and regional centres, as well as hotel, resort and
campsite properties in select resort destinations. The Group's
strategy is to grow its portfolio of core upper upscale city centre
hotels, leisure and outdoor hospitality and hospitality management
platform.
PPHE Hotel Group benefits from having an exclusive and perpetual
licence from the Radisson Hotel Group, one of the world's largest
hotel groups, to develop and operate Park Plaza(R) branded hotels
and resorts in Europe, the Middle East and Africa. In addition,
PPHE Hotel Group wholly owns, and operates under, the art'otel(R)
brand and its Croatian subsidiary owns, and operates under, the
Arena Hotels & Apartments(R) and Arena Campsites(R) brands.
PPHE Hotel Group is a Guernsey registered company with shares
listed on the London Stock Exchange. PPHE Hotel Group also holds a
controlling ownership interest in Arena Hospitality Group, whose
shares are listed on the Prime market of the Zagreb Stock
Exchange.
Company websites
www.pphe.com | www.arenahospitalitygroup.com
For reservations
www.parkplaza.com | www.artotel.com | www.arenahotels.com |
www.arenacampsites.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTNKABPPBKDCQB
(END) Dow Jones Newswires
April 27, 2023 02:00 ET (06:00 GMT)
Grafico Azioni Pphe Hotel (LSE:PPH)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Pphe Hotel (LSE:PPH)
Storico
Da Apr 2023 a Apr 2024
