Flash note: Strong momentum
IMS confirmation of continued trading buoyancy, allied with a currency boost, shows PPHE to be well on course to meet current year expectations. Indeed, revenue gain of 13% in Q3 (12% in the year to date) suggests that our forecast may be cautious. However, despite this and the scope for lucrative rate-led RevPAR on near-capacity occupancy, we are not revising as Q4 is a key period (particularly strong in 2013) and extensive renovations are now under way. The prospective dividend, which is well covered, has a good yield (4.3%).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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