Update: Room to grow
PPHE continues to please with 11% growth in EBITDA in the half to June. Currency boost apart, there was a further solid underlying advance (5%) in the UK and a strong recovery in the Netherlands. However, given tougher comparatives and a recent market slowdown in London, the rise in our forecast for the rest of the year is wholly due to FX, even if the company’s record of outperformance and 50% hike in the interim dividend suggest this is cautious. We are holding our 2015 EBITDA forecast owing to the impact of significant renovations with full payoff unlikely before 2016.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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