Park Plaza Hotels confident for FY

28th Jan 2010 09:09

Park Plaza Hotels said it is confident full year results will meet current market expectations.Group hotel revenue for the year declined by around 14% after difficult economic and trading environments across its markets in the UK, the Netherlands, Germany and Hungary.The group added that UK revenue was also hurt by the 10% reduction in the average Sterling to Euro exchange rate for the year. Group RevPAR for the year was €77.40 compared with €90.30 in 2008. Commenting on future trading the group said, "Although it is still early in the year, we do not anticipate any further significant deterioration in the trading environment across our markets in 2010." "We therefore expect that 2010 will present economic and trading conditions similar to those in 2009, characterised by low visibility and pressure on occupancy and average room rates."