Revenues surge at Park Plaza after hotel openings

21st Apr 2011 16:32

Higher room rates and new lodgings saw hotel group Park Plaza grow revenue by 74.1% in 2010, exceeding the board's expectations after a slow start the year which was hampered by heavy snow and volcano-related travel disruption.Revenue for the year ended 31 December surged to €139.8m, from €80.3m, as the group benefited from first time contributions from five new hotels.Park Plaza saw 1,579 rooms added to its portfolio last year, mainly attributable to the opening of its flagship hotel at Westminster Bridge, London, which offers 1,019 rooms.The average room rate increased to €110, from €97.80 in 2010, while occupancy fell to 76.4%, from 79.1%. However, this was due to the addition of the new hotels, the group said.Pre-tax profit was €60.5m, significantly up from a loss of €7.2m, relating mainly to gains arising from the "application of IFRS accounting following the group obtaining 100% control of previously jointly-owned entities amounting to €50.8m"."I am pleased to report that 2010 was an active and exciting year for Park Plaza, with a number of projects in the form of acquisitions and property developments that the group had planned over a number of years, coming to fruition," said president and chief executive office Boris Ivesha.Earnings per share grew to €1.50, from a loss of €0.20.---bc