PPHE Hotel Group Limited Reports Q1 Trading Update with Improving Occupancy and Pipeline Nearing Completion

PPHE Hotel Group Limited has released its Q1 trading update for the three months ended 31 March 2024. The company reported a total revenue of £77.0 million, marking an 11.9% year-on-year increase, driven by growth in occupancy and room rates across leisure, corporate, and meetings and events segments. The UK, Netherlands, Germany, and Croatia showed solid demand, with positive early signs for the peak summer period in Croatia. RevPAR increased by 1.9%, and like-for-like occupancy reached 71.3%.

The company's £300+ million development pipeline is nearing completion, with the soft opening of the new 357-room art'otel, London Hoxton, taking place as planned. Additionally, the art'otel Rome Piazza Sallustio is on track to open soon. The Group also announced summer bookings for the repositioned Radisson RED Berlin Kudamm, aiming to capitalize on the high demand expected during the UEFA European Championship in June and July. PPHE Hotel Group is confident in delivering full-year performance in line with market expectations.

Boris Ivesha, President & Chief Executive Officer, PPHE Hotel Group, expressed satisfaction with the progress made in the quieter period, highlighting the growth in top-line performance and RevPAR. He also emphasized the significant milestone of the soft opening of the new art'otel London Hoxton and the confidence the accretive pipeline completion brings for the future. Leisure trends remain supportive, and interest in the Group's brands and assets in key European capital cities continues to support confidence in future prospects.

The company's key financial statistics for the three months ended 31 March 2024 showed positive changes, with total revenue up 11.9% year-on-year, like-for-like occupancy at 71.3%, and RevPAR increasing by 1.9%. The company remains optimistic about the future, with healthy booking activity and a steadily ramping up pipeline actively contributing to EBITDA.

For further information, the company can be contacted at +31 (0)20 717 8600 or through Hudson Sandler at +44 (0)20 7796 4133.