25th Apr 2024 10:52
(Alliance News) - PPHE Hotel Group Ltd on Thursday reported a jump in its first quarter revenue and maintained an upbeat outlook for the full-year.
The Guernsey-registered developer and operator of hotels under the Park Plaza, Arena and art'otel brands reported that revenue in the first quarter of 2024 rose by 12% annually to GBP77.9 million from GBP68.8 million the year before.
This was "driven by growth in occupancy as room rates continued to normalise across both leisure, corporate and meetings and events segments, as well as an increase in operational days in the Croatian portfolio, particularly Grand Hotel Brioni, and the leap year benefit across all markets," it explained.
Looking ahead, PPHE said booking activity remains healthy, with overall forward booking levels consistent with 2023 levels. It added that it remains confident in delivering full year performance in line with market expectations.
Chief Executive Officer Boris Ivesha said: "While still early in the year, leisure trends remain supportive and interest in our brands and assets in key European capital cities continues to support our confidence in our future prospects."
Shares in PPHE rose 0.6% to 1,504.00 pence each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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