PPHE Hotel Group has released a trading update for the third quarter of 2023, reporting strong performance with robust rates and occupancy growth. Total revenue for the quarter was £141.0 million, up 8.8% compared to the same period in 2022 and up 16.5% compared to 2019. The average room rate remained solid at £176.4, up 0.8% from the previous year, and occupancy improved to 77.5%. The top-line performance in the UK and The Netherlands was notable, driven by improvements in occupancy and strong demand for the group's properties. The group is in the final stages of its £300+ million pipeline of new and refurbished properties, with four new properties set to open in the coming months. The group expects to deliver FY 2023 revenue of at least £400 million and EBITDA of at least £120 million. The board remains confident in the group's longer-term growth.