Update: Seasonal cheer
While PPHE’s repeated ability to surprise at year end is welcome, its announcement of a current year profit upgrade largely reflects capex postponement and earlier caution ahead of its key Q4. We are nonetheless encouraged to have confirmation of “very strong†trading, notably in London, its major profit source, and are raising our forecast of 2014 EBITDA (our key metric) by €4m. Indeed, despite likely short-term disruption from refurbishments, the company’s positive momentum and FX gain suggest a similar fillip to EBITDA expectations next year.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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