PPHE Hotel Group said it was “well-placed to take advantage of a rebound in demand” as it expects to benefit from the easing of restrictions across its key markets.
In a year-end trading update, the hospitality real estate group which develops, owns and operates hotels and resorts, said its Q4 was impacted by “certain regional restrictions” although this was to a lesser extent than in previous waves of the Covid-19 pandemic.
Last year, PPHE raised £113.7 million by entering into a joint venture partnership with Clal Insurance on two of its London properties. The money is being used to pursue new growth opportunities.
Reported group room revenue for the year was £84.4 million, up 32.7% versus 2020 and at 33.7% of the levels reported in the comparative period in 2019. Reported RevPAR was £35.9, an increase of 22.1% against 2020 and at 34.6% of the levels reported in 2019.
What They Said
Boris Ivesha, CEO of PPHE said: "Despite ongoing difficult trading conditions, we are very pleased to have outperformed the market where restrictions have eased and maintained our strategic progress. We are confident that trading in the year ahead will improve, with countries taking less restrictive strategies on managing the pandemic. Our recovery is supported by a strong financial position and our well-invested estate.
"Whilst uncertainties around the continuation of the pandemic remain, and the momentum reported in Q3 was impacted by concerns and complications arising from the emergence of the Omicron variant, we know that demand for our hotels continues to be strong, as consumers look forward to travelling where possible. Our market-leading offer positions us favourably to welcome back an increasing number of customers across our operating markets during 2022 and beyond."