PPHE Hotel Group 1Q Revenue Rose on Increased Demand

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By Michael Susin

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PPHE Hotel Group Ltd. said Thursday that performance in the first quarter was in line with the board’s expectations, driven by a return in bookings after the easing of coronavirus restrictions.

The London-listed, Netherlands-based hospitality real-estate group said that for the three-month period, revenue rose to 32.0 million pounds ($40.1 million) compared with GBP5.3 million a year ago, due to an increased demand in international travel .

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However, the figure is 49% below the prependemic period of 2019, when it reported revenue of GBP62.5 million.

The company said it is well-positioned to gain from the progressing recovery as it benefits from continued positive momentum into the second quarter.

The redevelopment of the group’s flagship Grand Hotel Brioni in Pula, Croatia, has been completed and is scheduled to open ahead of the summer season, it added.

Shares at 1020 GMT were down 30 pence, or 2%, at 1,945.0 pence.

Write to Michael Susin at [email protected]

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Credit: www.marketwatch.com /

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