PPHE Hotel Group has released a trading update for the year ended 31 December 2023, reporting strong financial and operational progress. The company's President & Chief Executive Officer, Boris Ivesha, expressed optimism for a further strong year for the Group, with FY 2023 results expected to surpass previously upgraded expectations. The reported Group room revenue for the year was 300.1 million, up 26.2% vs 2022, with a sustained increase in occupancy throughout the year and an average room rate increase of 4.0%.
The UK, The Netherlands, Croatia, and Germany all showed positive performance, with the UK and The Netherlands remaining consistently buoyant across both leisure and corporate travel. External property valuations received in December 2023 were marginally above 2022 levels. The company's overall forward booking levels are consistent with those at this point in 2023, with the mix of corporate and leisure bookings beginning to normalize towards pre-pandemic levels in 2019.
PPHE Hotel Group is on track with its 300+ million pipeline, with several openings scheduled for H1 2024. These include artotel Zagreb, Radisson RED Belgrade, artotel London Hoxton, and artotel Rome Piazza Sallustio. The company also announced the re-opening of Park Plaza Berlin Kudamm as the Radisson RED Berlin Kudamm and received planning consent to develop a 179-room hotel in a predominantly subterranean space of its Park Plaza Victoria London property.
The company expects to report its audited 2023 Annual Results on 29 February 2024. For more information, the full announcement can be accessed on the company's website.