In its trading update for the year ended 31 December 2022, the group said the headway was in line with its plans.
Surpassing expectations
PPHE develops, owns and operates hotels and resorts with brands including art’otel, Park Plaza, Arena Hotels & Apartments and Arena Campsites. The group reported that its financial performance is expected to exceed previously upgraded market expectations, with revenue of at least £325 million and EBITDA of at least £93 million.
The firm believes the outperformance is driven by strong leisure demand, particularly in London and Croatia during the summer season, corporate travel returning, and strong demand for meetings and events in Q4 despite the disruption caused by rail strikes in the UK.
European advance
The company’s pipeline reflects the requirements of these high performance areas, with art’otel Zagreb due to complete in Q2 this year in the Croatian capital. Resulting from the conversion of an iconic building, the five star 115-key hotel will offer several modern amenities such as a wellness and fitness centre, a restaurant, small conference rooms, and limited parking.
Catering to the demand for UK capital capacity, art’otel London Hoxton is scheduled for completion in the first half of 2024. The 27 floor-build consists of 343 guestrooms and suites alongside five floors of office space. The top floors will offer a lounge, bar, gym and destination restaurant.
Furthermore, in the same half of next year, artotel Rome is due to open in the Italian capital. This is a conversion of the former Londra & Cargill Hotel and will result in a 101-key site.
Ambitious strategy
Additionally, throughout last year, PPHE’s long-standing partnership with Radisson Hotel Group significantly extended to allow both parties to leverage their respective brand strengths.
Boris Ivesha, president and CEO, PPHE Hotel Group said: “Our many exciting new hotel openings alongside further recoveries in travel and business in our key markets will continue to help us position ourselves strongly to deliver on our ambitious growth strategy.”
Source: tophotel.news
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