News Column

London helps to drive profits at hotelier PPHE

August 29, 2014

KASMIRA JEFFORD



PPHE Hotel Group, the owner of the Park Plaza at Westminster Bridge (pictured below), reported a surge in profits and revenue in the first half of the year, boosted by a rise in visitor numbers and a room price hike.


The group, which owns and manages 38 art'otel and Park Plaza hotels across Europe, the Middle East and Africa, saw revenues increased by 12.3 per cent to 125.4m (99.6m) in the six months to 30 June, and by 9.3 per cent at constant currency.


Earnings before interest, tax, depreciation and amortisation were up 11.1 per cent to 39.7m, driven by a 10 per cent jump in earnings across its UK hotels.


The group completed a trio of re-financing deals that included securing a 80m loan from Israel'sBank Hapoalim for the development of a 492-room hotel near London Waterloo station, expected to open in the first half of 2017.


PPHE said work was now underway at the Park Plaza Riverbank to extend it by 98 rooms and due to finish next year.


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Source: City A.M. (UK)


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