PPHE Hotel Group had announced its interim results for the six months ended 30 June 2015, with total revenue showing an increase of 12.4% to £102.8m (H1 2014: £91.4m).
EBITDA increased by 21.9% to £35.3m and normalised profit before tax for the first half of 2015 was £11.1m (H1 2014: £5.62m).
Reported profit before tax decreased by 16.2% to £10.8m, as a result of a one-off income benefit recorded in the first half of 2014.
RevPAR increased by 12.5% to £87.45m, driven by a 9.0% increase in average room rate to £105.5 and a 260 bps increase in occupancy to 82.9% (H1 2014: 80.3%).
Strong first half performance with improved trading across our portfolio, delivering year-on-year revenue growth with occupancy, average room rate and RevPAR growth ahead of the European hotel market (STR Global, June 2015).
Acquired the loan covering the long leasehold interest in Park Plaza Nottingham, originally owed to National Westminster Bank PLC, for £5.5 million (with an aggregate nominal value of £7.6 million).
Following extensive renovations, the former Hotel Park in Pula Croatia, reopened as Park Plaza Arena Pula in June 2015 and has been well received by guests.
Construction of three new Park Plaza hotels (Nuremberg, Germany and two hotels in London in the United Kingdom) is well under way. Good progress has been made with the construction of the extension and reconfiguration of Park Plaza Riverbank London.
Several hotel renovations commenced during 2015, with others expected to commence during 2016.
Boris Ivesha, President & CEO, said, 'We are pleased with our results for the first half of 2015. Demand has been strong in the destinations in which we operate and our hotels have performed well, particularly in The Netherlands and Germany. We are continuing to invest in our hotel portfolio with three new hotels under construction and renovation works being progressed.
'The second half of the year is usually the strongest trading period for us and taking into account the temporary impact of our extensive renovation programme, we expect the Company's full year results to be in line with the Board's improved expectations.'