PPHE Hotel Group has reported strong interim results for the six months ended 30 June 2023. Total revenue increased by 59.0% year-on-year to £180.0 million, with strong quarter-on-quarter momentum. Room rate growth was a key driver of revenue growth, with average room rate at £159.6, up 13.1% compared to H1 2022 and 31.2% compared to H1 2019. Occupancy rates also showed improvement, reaching 69.1% compared to 48.0% in H1 2022 and 76.8% in H1 2019. EBITDA was £45.2 million, up 165.7% compared to H1 2022, and in line with H1 2019 levels. EPRA NRV per share remained flat at £25.05, driven by the change in the GBP/EUR currency conversion rate. Adjusted EPRA Earnings for the twelve months ended 30 June 2023 were 106 pence, up 112% compared to 2022. The company plans to return to its historical capital returns policy of distributing approximately 30% of adjusted EPRA earnings to shareholders. The Board intends to consult with shareholders regarding the most appropriate mechanism for such distributions to take place. PPHE Hotel Group is also making progress with its development pipeline, with four properties set to open between October 2023 and H1 2024. Regulatory approvals have been obtained for the new €250 million European Hospitality Real Estate Fund, which will allow the company to capture attractive acquisition opportunities. The company has also increased its focus on sustainability and responsible business.