PPHE Hotel Group has boosted revenue by more than a third to £141.4m, with EBITDA of £25m.
The international hospitality real estate group said it had made “excellent progress” over the year to 31 December 2021, moving from a £10m EBITDA loss the previous year.
Pretax profit was still far into negative territory, with PPHE reporting a £57.6m loss. However, this is still a marked improvement on the previous year’s £95m loss.
Total revenue increased by 39% from 2020’s £101.8m, but is still just 40% of 2019’s levels. Room revenue rose to £84.4m from £63.6m
RevPAR was up 22.1% year-on-year to £35.9, average room rate up 11.4% to £117, which is 91.1% of the 2019 level, but occupancy had only risen to 30.7%.
President and CEO Boris Ivesha said: “We are very pleased to have delivered strong progress against our long-term strategy during what has been a year of continued challenging trading conditions. In the year, our financial performance and position have improved, we have expanded into the new markets of Austria and Italy, and have made excellent progress with the projects in our development pipeline.”
He added that Covid restrictions in the majority of its markets have now been lifted.
Chair Eli Papouchado said: “We are proud that the value of our property portfolio now stands at £1.8bn. Our £200m-plus pipeline is robust and includes flagship developments such as art’otel London Hoxton and Grand Hotel Brioni Pula, alongside repositioning projects in Croatia and Italy.”
In the UK, construction of the new art’otel London Hoxton, PPHE’s largest development project, is on track to complete by 2024. Art’otel London Battersea Power Station is expected to open during the second half of 2022. Two further projects are planned in London: a mixed-use scheme including a 465-bedroom hotel adjacent to Park Plaza London Park Royal and a mixed-use scheme including a 186-bedroom hotel and office space close to PPHE’s London South Bank hotels.
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