2015 Final Results: Continuing to deliver
​PPHE, the asset-backed, London-focused hotel operator, has announced its preliminary results which have beaten our and market expectations. The company continues to deliver a strong performance from existing operations while at the same time developing its portfolio for future earnings and asset growth. The current year is set to be one of consolidation, as a number of new developments open, and we expect 2017 to see an acceleration in earnings growth and cash generation. The shares trade at a significant discount to prospective book value as adjusted for the real value of the assets.
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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