PPHE is now performing ahead of 2019 levels, with quarterly revenues rising by 71%.
The international hotel real estate group said revenues for Q3 were £129.6m, up by 71% on Q3 2021, and 7.1% higher than Q3 2019.
The group said its London assets delivered a very strong quarter, with July and September benefiting from unusually elevated demand.
This was also helped by the average room rate rising by 50% on Q3 2021, and 30% on Q3 2019, to £175.
President and chief executive Boris Ivesha said: “Our Q3 performance is now at levels above those pre-pandemic. Occupancy continues to rebuild as travel returns, but our steadfast focus on rates means we are not wholly reliant on high occupancy to generate attractive returns.”
He added: “We have also continued to progress our development pipeline and remain excited about the prospects for our upcoming new hotel openings.”
PPHE is nearing completion on its art’otel at Battersea Power Station, while its London Hoxton development will open in the first half of 2024.
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