PPHE Hotel Group has posted solid results for the six months ended 30 June 2019 following the completion of a £100m investment programme.
The firm recorded an EPRA NAV of £25.52 per share as at 30 June 2019, reflecting a 3.9% increase since 31 December 2018 (£24.57 per share).
The group’s total assets now amount to £1.7bn.
The investment programme was aimed at at repositioning and upgrading property portfolio in the UK and Netherlands.
Boris Ivesha, president and chief executive of PPHE Hotel Group, said: “We are pleased to report a good first-half performance, with continued revenue growth and group like-for-like EBITDA up 5.7%. This reflects an increase in all of our key operating metrics, with good growth in occupancy and average room rate both contributing to strong RevPAR growth, as well as to the strength of our portfolio. This performance has been driven by a solid operating performance from our UK hotel portfolio.
“We remain committed to delivering future growth. Our current pipeline is strong, and the group expects to spend approximately £300m on exciting developments such as Art’otel London Hoxton. We also remain open to asset acquisitions to broaden our portfolio and deliver our target returns on investment.”
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