PPHE Hotels sees revenues improve across all regions

31st Oct 2018 11:40

(Sharecast News) - Hotel real estate firm PPHE Hotel Group turned in a solid set of results for the first nine months of its trading year on Wednesday, with revenues per room improving across all regions in its third quarter.PPHE saw like-for-like sales climb 4.4% year-on-year to £262.2m over the nine months leading to 30 September.Reported revenues grew 4.1% to £263m, while revenue per available room was also up 4.1% on a like-for-like basis to £95.60.PPHE, which owns the Park Plaza hotel brand, revealed like-for-like occupancy had increased 270 basis points to 79.3% over the period.For the three months ended 30 September, like-for-like revenue picked up 4.5% to £114.2m and reported revenue grew 3% to £114.2m.Chief executive Boris Ivesha, said: "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."As of 1140 BST, PPHE shares had inched forward 0.66% to 1,535p.