TIDMPPH
RNS Number : 6882R
PPHE Hotel Group Limited
31 October 2019
31 October 2019
PPHE Hotel Group Limited
("PPHE Hotel Group" or the "Group")
Trading update (unaudited)
for the three months and nine months ended 30 September 2019
Solid Group performance with total revenue up 6.0% led by strong
growth in the United Kingdom
PPHE Hotel Group, the international hospitality real estate
group which owns, co-owns and develops hotels, resorts and
campsites, is pleased to announce its results for the three months
and nine months ended 30 September 2019.
Revenue growth was aided by a strong RevPAR performance in the
United Kingdom, driven by good increases in average room rate
across a number of properties, and maturing trading and recent
openings across several hotels in London and Amsterdam.
For the three months to 30 September 2019, like-for-like(1)
revenue increased by 5.6% to GBP120.2 million (Q3 2018: GBP113.9
million). Reported total revenue increased by 6.0% to GBP121.0
million (Q3 2018: GBP114.2 million). In the same period,
like-for-like(1) RevPAR increased by 3.9% to GBP116.3 (Q3 2018:
GBP112.0). Reported RevPAR increased by 4.3% to GBP116.3 (Q3 2018:
GBP111.5). RevPAR growth was largely a result of strong increases
in average room rate, particularly in the United Kingdom.
1 The like-for-like numbers for three months ended 30 September
2019 exclude August and September figures for Park Plaza Vondelpark
Amsterdam (which was closed for repositioning during this period in
2018). Furthermore, the like-for-like numbers for three months
ended 30 September 2018 exclude July figures for art'otel dresden
(the lease of which was terminated on 31 July 2018).
Commenting on the results, Boris Ivesha, President & Chief
Executive Officer, PPHE Hotel Group said:
"We are pleased to report a solid performance during the
quarter, with continued revenue growth and an increase in Group
RevPAR of 4.3%, as we benefited from the recent completion of
several major repositioning projects and maturing properties across
our portfolio and strong trading in the United Kingdom.
Following several years of investment and disruption to
operations, all hotels across our UK and NL portfolio are now open
and contributing to the Group's performance. Strong trading at Park
Plaza Victoria Amsterdam in the Netherlands and Holmes Hotel London
demonstrate our investment programme continuing to bear fruit, and
we look forward to trading continuing to mature across other
recently repositioned hotels in the coming months.
We expect to invest approximately GBP300 million on our
development pipeline, which includes exciting projects such as
art'otel london hoxton and an art'otel at Hudson Yards in New York
City.
Based on our results to September and our outlook for the
remainder of the financial year, the Board anticipates the full
year results will be in line with its previous expectations."
Unaudited Key Financial Statistics for the three months ended 30
September 2019
Reported Like-for-like(1)
-------------------------------------------- ------------------------------------------
Three months Three months % change(2) Three month Three months % change(2)
ended ended ended 30 ended
30 September 30 September September 30 September
2019 2018 2019 2018
------------ -------------- -------------- ------------ -------------- ------------
Total GBP121.0 GBP114.2 GBP120.2 GBP113.9
revenue million million 6.0% million million 5.6%
------------ -------------- -------------- ------------ ------------ -------------- ------------
Occupancy 86.7% 86.6% 10 bps 86.8% 86.6% 20 bps
------------ -------------- -------------- ------------ ------------ -------------- ------------
Average
room rate GBP134.1 GBP128.7 4.2% GBP134.1 GBP129.3 3.6%
------------ -------------- -------------- ------------ ------------ -------------- ------------
RevPAR GBP116.3 GBP111.5 4.3% GBP116.3 GBP112.0 3.9%
------------ -------------- -------------- ------------ ------------ -------------- ------------
1 The like-for-like numbers for three months ended 30 September
2019 exclude August and September figures for Park Plaza Vondelpark
Amsterdam (which was closed for repositioning during this period in
2018). Furthermore, the like-for-like numbers for three months
ended 30 September 2018 exclude July figures for art'otel dresden
(the lease of which was terminated on 31 July 2018).
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 30 September 2019 with three months ended 30
September 2018.
Unaudited Key Financial Statistics for the nine months ended 30
September 2019
Reported Like-for-like(1)
------------------------------------------- -------------------------------------------
Nine months Nine months % Nine months Nine months %
ended ended change(2) ended ended change(2)
30 September 30 September 30 September 30 September
2019 2018 2019 2018
------------ -------------- -------------- -------------- -------------- -----------
Total GBP276.3 GBP263.0 GBP275.4 GBP259.9
revenue million million 5.0% million million 6.0%
------------ -------------- -------------- ----------- -------------- -------------- -----------
130
Occupancy 80.6% 79.3% bps 80.6% 79.3% 130 bps
------------ -------------- -------------- ----------- -------------- -------------- -----------
Average
room rate GBP126.8 GBP120.2 5.4% GBP126.7 GBP121.6 4.2%
------------ -------------- -------------- ----------- -------------- -------------- -----------
RevPAR GBP102.1 GBP95.3 7.2% GBP102.1 GBP96.4 5.9%
------------ -------------- -------------- ----------- -------------- -------------- -----------
1 The like-for-like numbers for nine months 30 September 2019
exclude August and September figures for Park Plaza Vondelpark
Amsterdam (which was closed for repositioning during this period in
2018). Furthermore, the like-for-like numbers for 30 September 2018
exclude the first three months of operation of Park Plaza
Vondelpark Amsterdam (which was closed for repositioning during
this period in 2019) and the operations from art'otel dresden in
the period (the lease of which was terminated on 31 July 2018).
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 nine
months ended 30 September 2019 with nine months ended 30 September
2018.
A translation of the Group's subsidiary Arena Hospitality Group
d.d.'s (Arena) unaudited results for the nine months ended 30
September 2019 is available from Arena's website
arenahospitalitygroup.com
Key geographical trading trends
Group revenue growth was aided by a strong RevPAR performance in
the United Kingdom, driven by good increases in average room rate
across a number of properties, and maturing trading and recent
openings following repositioning across several hotels in
London.
Performance in the Netherlands was solid, with revenue growth
driven largely by maturing trading across recently repositioned
hotels and led by a strong performance at Park Plaza Victoria
Amsterdam.
Trading in Croatia remained stable, despite supply increases and
a stronger demand growth in other Mediterranean destinations. The
revenue growth attributable to the performance of Arena One 99
Glamping and Arena Ka ela Campsite following a period of
significant investment was partly offset by the weaker performance
of self-catering apartment complexes. Trading in Germany and
Hungary remains in line with previous expectations with revenue
growth primarily driven by art'otel berlin kudamm and Park Plaza
Nuremberg.
Key operational highlights
-- On 24 September 2019, Park Plaza Hotels in the UK won the
highly coveted AA Large Hotel Group of the Year 2019-2020 award.
The award recognises the completion of an extensive multi-year
investment programme across the UK property portfolio and
acknowledged the exceptional guest service and experience alongside
team member training and development programmes.
-- Launch of Park Plaza Vondelpark, Amsterdam on 8 October,
following a GBP9 million transformation to reflect a new premium
look and feel.
-- Following the completion of a GBP5.5 million repositioning
programme and a soft launch in the previous quarter, Park Plaza
Utrecht launched fully on 30 October.
-- The Group is also making progress at the art'otel london
hoxton development, with the demolition of the existing structure
on the site having commenced.
Real estate investment programme update
The Group expects to spend approximately GBP300 million on
exciting developments such as art'otel london hoxton and an
art'otel at Hudson Yards in New York City. Furthermore, its
Croatian subsidiary expects to complete the acquisition of the 88
Rooms Hotel in Belgrade in the coming months ahead.
Several repositioning projects have been identified in the
Group's Croatian portfolio and the Group continues to focus on
acquisition opportunities for further expansion. This pipeline, the
repositioning programmes and future expansion are all expected to
add further value to the Group, including an increase of the
Group's EPRA NAV per share, which at 30 June 2019 was GBP25.52.
Post period events
-- The interim dividend of 17 pence per share was paid on 15 October 2019.
Outlook
Based on our results to September and our visibility for the
remainder of the financial year, the Board anticipates the full
year results will be in line with its previous expectations.
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 GBP1.7 billion portfolio (valued as at summer of
2019) of primarily prime freehold and long leasehold assets in
Europe.
PPHE Hotel 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.
PPHE Hotel 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,
PPHE Hotel 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 PPHE Hotel Group to develop and
operate properties across several segments of the hospitality
market.
PPHE Hotel 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. PPHE
Hotel 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 with shares
listed on the London Stock Exchange and a constituent of the FTSE
250. PPHE Hotel Group also holds a controlling ownership interest
in Arena Hospitality Group, whose shares are listed on the Prime
market of 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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