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Pin to quick picksPphe Hotel Regulatory News (PPH)

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Year-end Trading Update

25 Jan 2024 07:00

RNS Number : 8351A
PPHE Hotel Group Limited
25 January 2024
 

25 January 2024

 

PPHE Hotel Group Limited

("PPHE" or the "Group")

 

Year-end Trading Update

 

FY23 revenue and EBITDA above previously upgraded expectations

 

PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, announces a trading update for the year ended 31 December 2023.

 

 

Commenting on the results, Boris Ivesha, President & Chief Executive Officer, PPHE Hotel Group said:

 

"2023 was a year of strong financial and operational progress at PPHE, and a year in which we fully recovered to pre-pandemic levels. Significant progress has been made on our extensive development pipeline with benefits from these developments expected to begin to come through in 2024. Furthermore, building on the performance throughout the year, trading momentum towards the end of the year and into 2024 has remained positive and we expect to continue to rebuild occupancy as room rate growth normalises. As a result, we now expect to deliver full year results above our previously upgraded expectations and we enter 2024 optimistic for a further strong year for the Group."

 

 

Financial highlights

 

· FY 2023 results are expected to be above expectations with revenue of at least £413.0 million (previously £400.0 million) and EBITDA of at least £127.0 million (previously £120.0 million).

 

· Reported Group room revenue for the year was £300.1 million, up 26.2% vs 2022 (2022: £237.8 million). Reported RevPAR was £120.7, up 25.5% vs 2022 (2022: £96.2), reflecting a sustained increase in occupancy throughout the year of 72.4% (2022: 60.0%) and an average room rate increase of 4.0% to £166.8 (2022: £160.4).

 

· The UK and The Netherlands remained consistently buoyant across both leisure and corporate travel, as well as meetings and events activity, driving in particular occupancy growth and also average rate in both regions. Croatia saw solid demand despite greater competition from other leisure destinations over the summer period, and the recovery in Germany continued to build throughout 2023.

 

· External property valuations received in December 2023 were marginally above 2022 levels. These valuations will be disclosed and incorporated in the Group's EPRA NRV, which will be reported in the full year results due on 29 February 2024.

 

· Overall forward booking levels are consistent with those at this point in 2023 with the mix of corporate and leisure bookings beginning to normalise towards pre-pandemic levels in 2019. On account of this mix and the rapid growth in average room rate throughout the past three years, average room rate is now showing signs of stabilisation with occupancy gaining momentum.

 

Strategic highlights

 

· On track with £300+ million pipeline which is nearing completion in H1 2024, including recent and upcoming openings:

art'otel Zagreb, the Group's first art'otel in Croatia's capital, soft opened in October 2023. The hotel has been generating excellent customer feedback and is expected to be fully open by the end of Q1;

Radisson RED, Belgrade, Serbia, work is nearing completion and the hotel is scheduled to open in early February 2024, following an extensive repositioning. This is our second hotel to open under the extended partnership with Radisson Hotel Group;

art'otel London Hoxton, UK will launch in H1 2024. Early customer interest has been very encouraging; and

art'otel Rome Piazza Sallustio, Italy will open in H1 2024 following an extensive repositioning.

 

· As announced previously, once stabilised, it is anticipated that these assets will deliver at least £25 million of incremental EBITDA to the Group.

 

· As announced on 23 January 2024, our existing Park Plaza Berlin Kudamm hotel will be re-opening in late Spring 2024 as the Radisson RED Berlin Kudamm. This is our second Radisson RED property to open and the third under the Group's expanded partnership with Radisson Hotel Group.

 

· On 27 November 2023, we announced that we had received planning consent to develop a 179-room hotel in a predominantly subterranean space of our Park Plaza Victoria London property. This new hotel will have its own brand concept with a dedicated entrance and facilities and services. Detailed planning for this value accretive development is currently underway.

 

 The Company intends to report its audited 2023 Annual Results on 29 February 2024.

 

 

- Ends -

 

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 / India Laidlaw

pphe@hudsonsandler.com

 

Notes to Editors:

 

PPHE Hotel Group is an international hospitality real estate company, with a £2.0 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® branded hotels and resorts in Europe, the Middle East and Africa. In addition, PPHE Hotel Group wholly owns, and operates under, the art'otel® brand and its Croatian subsidiary owns, and operates under, the Arena Hotels & Apartments® and Arena Campsites® 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

 

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TSTQKQBBDBKBODB
Date   Source Headline
25th Apr 20247:00 amRNSTRADING UPDATE
25th Apr 20247:00 amRNSPUBLICATION OF ARENA Q1 TRADING UPDATE
9th Apr 20247:00 amRNSNotice of Trading Update
21st Mar 20248:31 amRNSHolding(s) in Company
15th Mar 20241:41 pmRNSTransactions in own securities
13th Mar 20247:00 amRNSPosting of AGM Notice & Proposed Rule 9 Wavier
12th Mar 20247:00 amRNSOpening art’otel Rome Piazza Sallustio
29th Feb 20247:00 amRNSPublication of Arena Hospitality Annual Report
29th Feb 20247:00 amRNSAnnual Results & Publication of Annual Report
28th Feb 20241:41 pmRNSResult of Extraordinary General Meeting
15th Feb 20247:00 amRNSAnnual Results Investor Presentation
8th Feb 20247:00 amRNSAppointment of Co-Chief Executive Officer
7th Feb 20247:00 amRNSProposed Rule 9 Waiver and Notice of EGM
5th Feb 20247:00 amRNSNotice of Annual Results
25th Jan 20247:00 amRNSYear-end Trading Update
23rd Jan 20247:00 amRNSPPHE to open the first Radisson RED in Berlin
19th Jan 20244:19 pmRNSTotal Voting Rights
10th Jan 20247:00 amRNSNotice of Trading Update
8th Jan 20247:00 amRNSAppointment of Advisor
27th Dec 20237:00 amRNSHolding(s) in Company
27th Dec 20237:00 amRNSHolding(s) in Company
27th Dec 20237:00 amRNSPDMR Notification
6th Dec 20237:00 amRNSAppointment of Non-Executive Deputy Chairman
27th Nov 20237:00 amRNSPlanning approval for new hotel in London
9th Nov 20237:00 amRNSMarch 2024 opening of art’otel London Hoxton
26th Oct 20237:00 amRNSPublication of Arena Q3 Interim Financial Report
26th Oct 20237:00 amRNSTrading Update
5th Oct 20237:00 amRNSNotice of Trading Update
27th Sep 20237:00 amRNSCapital returns policy and payment of dividend
12th Sep 20237:00 amRNSOctober opening of art’otel Zagreb
31st Aug 20237:00 amRNSInterim Results
15th Aug 20237:00 amRNSInterim Results Investor Presentation and Q&A
1st Aug 20237:00 amRNSNotice of Interim Results
27th Jul 20237:00 amRNSPublication of Arena Interim Financial Report
29th Jun 20237:00 amRNSPre-Close H1 Trading Update
6th Jun 20237:00 amRNSAnalyst Site Visit to Croatia
23rd May 20234:53 pmRNSResult of Annual General Meeting
15th May 20237:00 amRNSAcceleration of global growth of art’otel brand
11th May 20237:00 amRNSAppointment of Signature Artist at art'otel Hoxton
9th May 20237:00 amRNSRepositioning of art’otel Berlin Mitte
27th Apr 20237:00 amRNSPublication of Arena Q1 Trading Update
27th Apr 20237:00 amRNSTrading Update
25th Apr 20237:00 amRNSSecond hotel under PPHE/Radisson partnership
25th Apr 20237:00 amRNSApproval for European Hospitality Real Estate Fund
18th Apr 202311:22 amRNSNotice of Additional Resolution
11th Apr 20237:00 amRNSNotice of Trading Update
21st Mar 20237:00 amRNSAnnouncement of Posting of AGM Notice
14th Mar 20237:00 amRNSEuropean Hospitality Real Estate Fund
8th Mar 20237:00 amRNSTransaction in own securities
2nd Mar 20235:30 pmRNSPDMR purchase of shares in the Company

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