Summary
Financial performance expected to exceed previously upgraded market expectations1, with revenue of at least
Rate-led strategy continues to underpin the strong financial performance, with average room rates in all regions exceeding levels achieved pre-pandemic.
EPRA NRV is expected to be materially ahead of the latest figure published in the 2022 Interim results (H1 2022:
Booking momentum has continued into January, which supports the Board's confidence in the outlook.
Strategic highlights
Long-standing partnership with
Two premium hotels opened, leading to heightened brand awareness in two key markets:
The
Good progress made on the GBP200m+ development pipeline during 2022, in line with plans, including
Financial highlights
The average room rate increased to
The rate-led strategy and investments made in technology, automation and energy efficiency have helped to mitigate headwinds around rising labour and energy costs.
The strength of recovery across the Group's key markets and the resilience of the financial performance allowed for the reinstatement of the interim dividend at
Annual independent property portfolio valuation2 is expected to report valuation gains, with the quicker than expected recovery in trading more than offsetting an anticipated uptick in capitalisation rates. Consequently, EPRA NRV is expected to be materially higher than the latest figure published in the 2022 Interim Results. Further details will be published in the 2022 Annual Results.
Note: all figures disclosed above are unaudited.
1 PPHE compiled analyst consensus forecast range for the year ended
2 Property portfolio independently valued by
We are delighted with PPHE's outperformance in 2022. Our rate-led strategy, prime locations and highly appealing brands have continued to support our strong recovery post-pandemic, with each quarter improving on the last. The Group is now close to 2019 levels on a number of key metrics, including total room revenue and RevPAR, and with a significantly higher average room rate.
While macroeconomic pressures remain heading into 2023, we are confident in the Group's ability to continue to grow its revenues and EBITDA. Our many exciting new hotel openings alongside further recoveries in travel and business in our key markets will continue to help us position ourselves strongly to deliver on our ambitious growth strategy.
The Company intends to report its audited Annual Results on
About
Through its subsidiaries, jointly controlled entities and associates it owns, co-owns, develops, leases, operates and franchises hospitality real estate. Its portfolio includes full-service upscale, upper upscale and lifestyle hotels in major gateway cities and regional centres, as well as hotel, resort and campsite properties in select resort destinations. The Group's strategy is to grow its portfolio of core upper upscale city centre hotels, leisure and outdoor hospitality and hospitality management platform.
Company websites
www.pphe.com | www.arenahospitalitygroup.com
For reservations
www.parkplaza.com | www.artotel.com |www.arenahotels.com | www.arenacampsites.com
Executive Vice President of Commercial & Corporate Affairs
+31 20 717 8608
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