PPHE, the asset-backed, London-focused hotel operator, has announced its Q3 trading update, which show a continuation of the strong trends at the interim results. We revised up then, and are maintaining our full year forecasts. The company looks indebted relative to income, but this reflects a major development pipeline in progress, where the assets have yet to contribute income, while the shares trade at a substantial discount to book value as adjusted for the real value of the assets.
