PPHE Hotel Group has seen a return to health as Covid-19 restrictions ease.
Total revenue for the first quarter of 2022 rose to £32m, a dramatic improvement on the £5.3m in Q1 2020. However, it is just over half of the £62.5m brought in during the first quarter of 2019.
Occupancy has also risen but at 34% it is less than half the 76% average of Q1 2019.
President and chief executive Boris Ivesha said: “Following the easing of the remaining restrictions across the group’s operating markets during the quarter, PPHE delivered a positive trading performance, particularly driven by the group’s UK portfolio. Across a range of operational metrics we are seeing very good progress and, in some cases, improvements on pre-pandemic and pre-Omicron comparatives.”
PPHE has now entered the final development stage at art’otel London Battersea Power Station, which will be operated by the group’s hospitality management platform on completion. Topping out is expected this quarter, with an opening slated for the first half of 2024.
Ivesha added: “Excellent strategic progress has been achieved on key repositioning projects, some of which are now entering their final stages. These will bring new, premium assets into the group’s portfolio strengthening its foundations for long-term success.”
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