PPHE Hotel Group - Busy on all fronts
Despite further slowdown in London, its major market, the strength and diversity of PPHE’s portfolio has ensured a ‘solid’ Q118 and confidence that 2018 expectations can be met. Although Q1 regional performance is not disclosed, overall 1% RevPAR gain may reflect a marginal dip in the capital, as was the case for the market, which is creditable given a demanding comparative. Growth in Croatia and Germany was encouraging, if offset by renovation in the Netherlands. Current projects are well in hand, while management looks to exploit flexibility after Waterloo’s sale and leaseback and Arena’s fund-raising. PPHE’s rating underestimates its excess liquidity (£200m+ cash post-Hoxton purchase) and asset backing (fair value c £20/share).PPHE Hotel Group is a hospitality company. Through its subsidiaries, jointly controlled entities and associates, Co. owns, co-owns, leases, operates, franchises and develops hotels in cities, regional centers and select resort destinations, primarily in Europe. The majority of Co.'s hotels operate under the Park Plaza or art'otel brands. The art'otel brand is wholly owned by Co. Co. has a licence from Carlson Hotels to develop and operate Park Plaza Hotels & Resorts in 56 countries in Europe, the Middle East and Africa. As of Dec 31 2017, Co.'s portfolio of owned, co-owned, leased, managed and franchised hotels comprised 39 hotels providing a total of nearly 9,000 rooms.
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