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PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, is pleased to announce a pre-close trading update for the three months ended 30 June 2023.
Boris Ivesha, President & Chief Executive Officer, PPHE Hotel Group said:
We are delighted with the strong momentum in the business during the first half which has enabled us to upgrade our outlook for the remainder of the year. Our teams have continued to focus on driving performance and delivering exemplary service to our guests, and our strategic property investments prior to and during the pandemic have put us in an excellent position to deliver further growth across all our markets in the future.
As we enter the second half of the year, we are preparing to launch four new property concepts, scheduled to open between September 2023 and the first half of 2024. These will be exciting new propositions for our customers, including our first Radisson RED property in Belgrade, Serbia as well as three new artotels stretching from Zagreb to Rome and London. We remain committed to delivering significant value for shareholders, and we look forward to sharing more detail at the H1 2023 results in August.
Trading update
The strong trading conditions and forward booking momentum announced in the Q1 trading update, published on 27 April 2023, have been maintained through Q2 and into Q3 across all main market segments of leisure, corporate travel and meetings and events.
As we approach the end of June, it is now anticipated that H1 2023 revenue will be in excess of 177 million (vs 155 million pre-Covid H1 2019) and REVPAR is anticipated to be around 109 (vs 93 pre-Covid H1 2019).
The UK and The Netherlands have remained the strongest performing regions within the Group, driven by a combination of continuing rate growth and broad occupancy recovery. As previously announced, the German region had a slower start to the year but has seen an improving trend in bookings through Q2.
For FY 2023 outlook and the full announcement click here
The Group will report its interim results for the six months ended 30 June 2023 on 31 August 2023.
Boris Ivesha
President & CEO
PPHE Hotel Group
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