PPHE Hotel Group has hailed a recovery in the UK market as driving a rebound in revenue over the first half of the year.
The London-listed company posted revenue of £113.2m in the six months to the end of June, more than four times the £25.8m from a year earlier and at roughly three-quarters of pre-pandemic levels. A pretax loss narrowed to £26.1m.
The average room rate was £141.1, a year-on-year rise of 48% and up 16% on the same period in 2019, while occupancy grew to 48% compared with 12.8% in H1 2021.
“All our key markets delivered strong growth, with the UK leading the way as it benefited from the earlier lifting of pandemic restrictions compared with other markets,” the company said. “The Netherlands, Germany and Croatia have shown increasingly strong recoveries as the months progressed and restrictions were lifted.”
The company’s development pipeline includes London sites in Hoxton and Battersea Power Station.
Chief executive Boris Ivesha said: “In the UK, we have continued to see a strong recovery in activity across our portfolio particularly in London, where meetings and events enquiries are also ramping up following the previous period of inactivity due to Covid.”
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