Revenue at hotel group PPHE have tumbled by nearly 60% to £25.8m from £62m a year ago.
The former Park Plaza Hotels Group pointed out that the 2020 H1 results had benefitted from a pre-Covid January and February, adding that Q2 revenue for 2021 was double that for Q2 2020, at £20.4m.
The group made a reported loss of £50.3m before tax, a significant decline on last year’s H1 loss of £40.7m. However, again the picture for the quarter was rosier, with losses almost half those of Q2 2020 at £3.9m. Occupancy has risen from 10.7% to 17.5%. PPHE said that activity continued to be “severely reduced” due to the Covid pandemic.
But PPHE said its overall financial position was strong, with £237.9m cash available. The total portfolio was valued at £1.7bn.
President and chief executive Boris Ivesha said: “Post period end, we have seen the increasing trend for leisure demand continue, while the number of enquiries for meetings and events in the UK is at the highest level since the pandemic started.”
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