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PPHE in profit upgrade as occupancy rates continue to recover
(Sharecast News) - Hotel owner and developer PPHE on Thursday lifted full-year guidance as trading momentum towards the end of the year and into 2024 remained positive. The company, which counts the Radisson Brands and art'hotel chains among its stable, said 2023 core earnings would now be £127m, compared with previous expectations £120m and revenue of at least £413m, up from prior guidance of £400m
Revenue per available room (RevPAR)- a key industry metric - was up 25.5% to £120.7 reflecting a sustained increase in occupancy throughout the year of 72.4%, compared with 2022's 60.0% and an average room rate increase of 4% to £166.8.
Hotel chains were hammered by Covid-19 restrictions introduced at the height of the pandemic, when travel and movement bans were implemented.
"The UK and The Netherlands remained consistently buoyant across both leisure and corporate travel, as well as meetings and events activity, driving in particular occupancy growth and also average rate in both regions," the company said in a trading update.
"Croatia saw solid demand despite greater competition from other leisure destinations over the summer period, and the recovery in Germany continued to build throughout 2023."
Reporting by Frank Prenesti for Sharecast.com
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