Q319 has seen PPHE deliver against a strong comparative (eg like-for-like rate-led RevPAR +4%). Unsurprisingly, given positive market reports (Q319 RevPAR +5%, per STR), London, PPHE’s largest profit source, has been the driver, boosted by maturing properties and the newly repositioned Holmes Hotel. The Netherlands has also traded well, with similar investment payoff, notably at the flagship Victoria Amsterdam. In its busiest period, Croatia defied competition to match record FY18 revenue thanks to high-profile campsite investments. With current-year expectations unchanged ahead of key Q4 trading, longer-term growth is driven by a £300m development pipeline with all hotels in the UK and the Netherlands now open and key projects such as art’otels in London and New York well in hand.
