Park Plaza back in the black

19th Aug 2011 07:46

Hotel group Park Plaza reported a return to half-year profit as momentum in the first half of the year continued into the second half. The hotel operator and developer posted a pre-tax profit of €1.4m for the six months ended 30 June 2011 compared to a loss of €5.3m the same time a year earlier. Total revenue surged to €95.9m from €54.8m previously. Reported RevPAR increased by 13.4% to €89.3 while average room rate rose 9.9% to €118.2. Occupancy was at 75.5% from 73.2%. Commenting on the results president and chief executive officer Boris Ivesha said, "We have benefitted from acquisitions and development activity in 2010 as well as a continued recovery in the European hotel market." Park Plazza saw improvements across all the regions in which it operates. On a more cautionary note the group said it, "Continues to trade in line with the Board's expectations but remain vigilant as to the effects of the civil unrest in the UK and the continued uncertainty in the global financial markets."