PPHE Hotel Group - Steady as she goes
PPHE has hit the spot yet again with Q4 rate-led RevPAR growth of c 8% (our estimate), which is a marked acceleration on the previous nine months. Driven by a strong holiday season in London, the company’s major profit source, and by encouraging early returns on its key Victoria Amsterdam renovations, this is impressive, given a demanding comparative. On course to meet management’s 2018 expectations (results due c 28 February), PPHE looks also to be coping with Brexit uncertainty (Q119 bookings are good according to management), while longer-term growth reflects a £190m investment programme with key projects in the Netherlands and London well in hand. Expansion remains on the cards, even if management is reluctant to pay up, viz the recent London Grange deal (1,300 rooms) at c £750,000 per key.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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