Flash note: Rate-led growth
PPHE continues to please with a “goodâ€, currency-boosted Q3 performance (rate-led RevPAR +13%) in line with August’s significant full-year profit upgrade. No less encouraging is management's confidence about Q4 as this is a key period and was particularly strong in 2014, while next year’s openings (c 1,000 rooms) are on track. Asset considerations apart (NAV of €8.36 per share at June excludes likely material ‘fair value’ boost), the 2015e EV/EBITDA is low (9.3x) against an average of 11.4x for branded European peers.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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