PPHE Hotel Group revealed it is on track to deliver its £300m+ development pipeline following a 2024 which saw the opening of four hotels.
The group noted that during the year, it fully opened Radisson RED Belgrade, Radisson RED Berlin Kudamm and art’otel Zagreb and soft launched its flagship art’otel London Hoxton. In early March, it plans to open its first hotel in Italy, the art’otel Rome Piazza Sallustio.
This progress comes as PPHE saw a slight increase in year-on-year revpar and property valuations in 2024, with full year revenue expected to be between £429.1 million to £446 million and Ebitda between £136.0 million to £138.1 million.
What they said
Greg Hegarty, co-chief executive officer, PPHE Hotel Group said: “We continued to rebuild occupancy, grow revenue and successfully manage ongoing cost pressures. As new hotels fully open, mature and stabilise, we expect occupancy and RevPAR to progressively build, adding significant incremental Ebitda to the group.”