PPHE Hotel Group Limited Announces Unaudited Interim Management Statement for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Full Year of 2013
November 05, 2013 at 02:00 am EST
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PPHE Hotel Group Limited announced unaudited interim management statement for the third quarter and nine months ended September 30, 2013. Total revenue for the quarter decreased by 2.1% to 64.7 million from 66.0 million for the three months ended 30 September 2012. On a constant currency basis, total revenue for the quarter increased by 1.1% to 66.8 million. RevPAR decreased by 1.8% to 110.8 from 112.8 for the three months ended 30 September 2012, as a direct result of the weakness of Sterling.
Total revenue decreased by 0.3% to 176.4 million from 177.0 million for the nine months ended September 30, 2012. On a constant currency basis, total revenue for the nine months ended 30 September increased by 3.1% to 182.4 million. RevPAR decreased by 1.1% to 100.2 from 101.4 for the nine months ended September 30, 2012, primarily as a result of soft trading conditions in the Netherlands at the beginning of the year and the weakness of Sterling.
Since 30 September 2013, trading has remained encouraging. The fourth quarter is traditionally the Group's strongest quarter and the Board expects full year results to be in line with expectations.
PPHE Hotel Group is an international hospitality real estate company based in the Netherland. Company's portfolio includes freehold and long leasehold assets in Europe. PPHE Hotel Group's guiding principle is to generate attractive returns from operations and long-term capital appreciation. Through its subsidiaries, jointly controlled entities and associates it owns, co-owns, develops, leases, operates, and franchises hospitality real estate. Its primary focus in hotel, resort, and campsite properties in resort destinations. PPHE Hotel Group benefits from having an license from the Radisson Hotel Group, to develop and operate Park Plaza branded hotels and resorts in Europe, the Middle East and Africa. In addition, PPHE Hotel Group wholly owns, and operates under, the art'otel brand and its Croatian subsidiary owns, and operates under, the Arena Hotels & Apartments and Arena Campsites brands. PPHE Hotel Group also holds a controlling ownership interest in Arena Hospitality Group.
PPHE Hotel Group Limited Announces Unaudited Interim Management Statement for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Full Year of 2013