TIDMPPH
RNS Number : 4673X
PPHE Hotel Group Limited
30 April 2019
PPHE Hotel Group Limited
Trading update (unaudited)
for the three months ended 31 March 2019
-- Strong start to 2019 with 8.1% like-for-like(1) revenue increase
-- Continued good progress with hospitality real estate investments
PPHE Hotel Group Limited (the "Group"), the international
hospitality real estate group which owns, co-owns and develops
hotels, resorts and campsites, is pleased to announce its trading
update for the three months ended 31 March 2019.
Key Financial Statistics for the three months ended 31 March
2019
Reported Like-for-like(1)
----------------------------------------- ------------ ---------------- ----------
Three months Three months Three months
ended ended ended Three months
31 March 31 March % 31 March ended %
2019 2018 change(2) 2019 31 March 2018 change(2)
-------------- ------------- ------------- ----------- ------------ ---------------- ----------
GBP 62.5 GBP 59.4 GBP 62.4
Total revenue million million 5.2% million GBP 57.8 million 8.1%
-------------- ------------- ------------- ----------- ------------ ---------------- ----------
Occupancy 76.4% 73.7% 270 bps 76.4% 73.8% 260 bps
-------------- ------------- ------------- ----------- ------------ ---------------- ----------
Average room
rate GBP115.5 GBP108.7 6.2% GBP115.4 GBP110.6 4.3%
-------------- ------------- ------------- ----------- ------------ ---------------- ----------
RevPAR GBP88.2 GBP80.1 10.1% GBP88.2 GBP81.7 7.9%
-------------- ------------- ------------- ----------- ------------ ---------------- ----------
1 The like-for-like numbers for 31 March 2018 exclude the first
three months of operation from art'otel dresden due to termination
of the lease. Furthermore, the like-for-like numbers for both 31
March 2019 and 31 March 2018 exclude the first three months of
operation from Park Plaza Vondelpark, Amsterdam (temporarily closed
for repositioning).
2 Percentage change figures are calculated from actual figures
as opposed to the rounded figures included in the above table.
Unless otherwise indicated, all figures in this report compare
three months ended 31 March 2019 with three months ended 31 March
2018.
Commenting on the results, Boris Ivesha, President & Chief
Executive Officer said:
"We are pleased to report a strong first quarter performance,
with like-for-like revenue for the Group increasing by 8.1%
reflecting good increases in occupancy and average room rate and
the appeal of our portfolio and our rigorous focus on inspirational
service delivery to delight our guests.
We are continuing to make good progress in extending our
property pipeline with the acquisition of an interest in a property
in Manhattan, New York, and we look forward to progressing our
pre-construction timetable with our partner in this new market for
our art'otel(R) brand. Our broader pipeline is strong with an
approximate GBP240m committed investment programme including
several repositioning projects and the developments of our art'otel
london hoxton and art'otel london battersea power station which are
both progressing well.
PPHE's proven development strategy is to target real estate in
prime locations and attractive geographies where we believe there
is significant upside potential to drive growth and long-term value
through both the property portfolio and operations. The Group
intends to continue with its mission to bring art'otel(R) to major
cities, building on the success of the brand in Amsterdam, Berlin,
Cologne and Budapest.
We take an integrated and entrepreneurial approach and have a
strong 30-year track record in creating value through owning,
developing and operating prime hospitality real estate, a robust
financial position and an attractive pipeline to deliver future
growth in profits and real estate assets. We look forward to
progressing these new opportunities along with our committed
repositioning and renovation projects through 2019 and expect to
deliver full year results in line with expectations."
Performance during the three months ended 31 March 2019
-- Like-for-like(1) , revenue increased by 8.1% to GBP62.4
million (three months ended 31 March 2018: GBP57.8 million) driven
by strong growth in the United Kingdom, with positive performances
across the Netherlands, Germany, Hungary. Reported total revenue
increased by 5.2% to GBP62.5 million (three months ended 31 March
2018: GBP59.4 million) reflecting hotel closures in the period.
-- Like-for-like(1) RevPAR increased by 7.9% to GBP88.2 (three
months ended 31 March 2018: GBP81.7). Reported RevPAR increased by
10.1% to GBP88.2 (three months ended 31 March 2018: GBP80.1).
-- Like-for-like(1) average room rate increased by 4.3% to
GBP115.4 (three months ended 31 March 2018: GBP110.6). On a
reported basis, average room rate increased by 6.2% to GBP115.5
(three months ended 31 March 2018: GBP108.7).
-- Like-for-like(1) occupancy increased by 260 bps to 76.4%
(three months ended 31 March 2018: 73.8%). Reported occupancy
increased by 270 bps to 76.4% (three months ended 31 March 2018:
73.7%).
Corporate activities and highlights
-- Entry into the United States for art'otel with a joint
venture agreement with a New York based real estate development and
investment firm to develop a prime site located in Manhattan, New
York;
-- Site works started at the Group's 100% owned art'otel london
hoxton, with approved improved planning consent. Works are also
underway at art'otel london battersea power station, which will be
managed by the Group on completion of the construction;
-- Announced 22 May 2019 as the launch date for the Group's
premium boutique Holmes Hotel London, with excellent progress made
with repositioning projects at Park Plaza Vondelpark, Amsterdam,
Park Plaza Utrecht and Arena Kazela Campsite in Croatia. Completion
dates for these projects expected end of H1 2019; and
-- Successful GBP149m placing by the Group's three largest
shareholders of approximately 22% of the issued share capital,
which should allow for greater liquidity for investors by expanding
the shareholder base. As at the next FTSE review date of June 2019
the Company expects to meet the free float level and such other
criteria required to qualify for potential inclusion in the FTSE UK
series of indices.
Portfolio investments
The Group has an approximate GBP240.0 million committed
investment programme in place for the development of art'otel
london hoxton and several repositioning projects. 22 May 2019 will
see the launch of the Group's first completed repositioning project
for 2019, Holmes Hotel London. This will follow by the completion
of repositioning projects at Park Plaza Vondelpark, Amsterdam, Park
Plaza Utrecht and Arena Kazela Campsite in Croatia.
After the 2019 summer season, Arena is expected to commence the
repositioning programmes of Verudela Beach Resort Pula and Hotel
Brioni Pula, with anticipated completion timings of 2020 and 2022
respectively.
Works are ongoing on plans and pre-work for the planning and
preliminary works on site for the Group's recent acquisition of a
development site in New York.
A translation of Arena Hospitality Group d.d.'s (Arena)
unaudited results for the three months ended 31 March 2019 will
shortly be available on Arena's website
www.arenahospitalitygroup.com.
Post period end event
On 26 April 2019, Arena announced that it had entered into a
framework agreement to acquire the four-star 88 Rooms Hotel in
Belgrade, Serbia, for a total consideration of HRK 47 million. The
completion of this acquisition is subject to certain steps and
conditions having been fulfilled, which the Group expects to happen
by the end of 2019. This latest acquisition is in line with Arena's
strategy to further expand its property portfolio within the CEE
region.
Enquiries:
PPHE Hotel Group Limited
Daniel Kos
Chief Financial Officer & Executive Director
Robert Henke
Executive Vice President of Commercial & Corporate
Affairs
Tel: +31 (0)20 717 8600
Tulchan
David Allchurch / Jessica Reid
Tel: +44 (0)20 7353 4200
Email: pphe@tulchangroup.com
Notes to editors
PPHE Hotel Group is an international hospitality real estate
company, with a GBP1.6 billion portfolio of primarily prime
freehold and long leasehold assets in Europe.
The Group's guiding principle is to generate attractive returns
from operations and long-term capital appreciation.
Through its subsidiaries, jointly controlled entities and
associates it owns, co-owns, develops, leases, operates and
franchises hospitality real estate. Its primary focus is
full-service upscale, upper upscale and lifestyle hotels in major
gateway cities and regional centres, as well as hotel, resort and
campsite properties in select resort destinations.
The Group benefits from having an exclusive and perpetual
licence from the Radisson Hotel Group, one of the world's largest
hotel groups, to develop and operate Park Plaza(R) branded hotels
and resorts in Europe, the Middle East and Africa. In addition, the
Group wholly owns, and operates under, the art'otel(R) brand and
its Croatian subsidiary owns, and operates under, the Arena Hotels
& Apartments(R) and Arena Campsites(R) brands. This multi-brand
approach enables the Group to develop and operate properties across
several segments of the hospitality market.
The Group is one of the largest owner/operators of hotels in
central London and its property portfolio comprises of 38 hotels
and resorts in operation, offering a total of approximately 8,800
rooms and 8 campsites, offering approximately 6,000 units. The
Group's development pipeline includes two new hotels in London and
one in New York City which are expected to add an additional 600
rooms by the end of 2022/2023.
PPHE Hotel Group is a Guernsey registered company and its shares
are listed on the Premium Listing segment of the Main Market of the
London Stock Exchange. PPHE Hotel Group also holds a controlling
ownership interest (51.97% of the share capital) in Arena
Hospitality Group, whose shares are listed on the Zagreb Stock
Exchange.
Company websites
www.pphe.com
www.arenahospitalitygroup.com
For reservations
www.parkplaza.com
www.artotels.com
www.arenahotels.com
www.arenacampsites.com
For images and logos visit
www.vfmii.com/parkplaza
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END
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