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PPHE Hotel Group Ltd on Thursday said revenue in the third quarter of 2024 has grown, as trading continues in line with full-year market guidance.
The Amsterdam-based international hospitality real estate company is a developer, owner and operator of hotels and resorts.
Revenue for the three months that ended September 30 was £148.2 million, up 5.1% from £141.0 million last year. Room revenue grew 5.5% to £104.0 million from £98.6 million, with the average room rate falling 2.6% to £171.80 from £176.40 the year before.
Meanwhile, revenue for the nine-month period that also ended September 30 rose 5.7% to £339.2 million from 321.0 million the year before. Total room revenue was up 4.4% to £242.5 million from £232.2 million, and average room rate fell 3.5% to £160.40 from £166.30 last year.
PPHE said its trading remains in line with current market expectations, citing a company-compiled market consensus for full-year revenue between £429.1 million and £446.0 million, and earnings before interest, tax, depreciation and amortisation between £137.0 million and £139.6 million.
This would represent a revenue growth of between 3.5% and 7.6% from £414.6 million in 2023, and between a 6.9% and 8.9% rise in Ebitda from £128.2 million last year.
Co-Chief Executive Officer Greg Hegarty said: ‘We are pleased to have delivered a quarter of revenue per available room and occupancy growth, aided by the continued return in demand across corporate, business, and meetings & events segments. During the period, the group made good progress against our £300 million pipeline, including the completion of Radisson RED Berlin Kudamm and the opening of more guest rooms, a gym and meetings & events spaces at art’otel London Hoxton.
‘The group has a strong platform for continued growth, with newly opened hotels ramping up in performance, and we look forward to building on this momentum over the remainder of the financial year’.
Shares in PPHE Hotel Group were up 1.2% at 1,225.00 pence each in London on Thursday morning.
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