PPHE Hotel Group Limited Reports Interim Management Statement and Operating Results for the First Quarter Ended 31 March 2014; Provides Earnings Guidance for 2014
RevPAR increased by 11.7% to 89.8 compared to 80.4 reported a year ago. This growth was the result of an 8.3% increase in average room rate to 123.6 compared to 114.1 reported a year ago and 220 basis points growth in occupancy to 72.7% compared to 70.5% reported a year ago. On like for like basis, occupancy rate was 73.0% compared to 70.6% reported a year ago. Average room rate was 122.3 compared to 116.7 reported a year ago. RevPAR was 89.3 compared to 82.4 reported a year ago.
The Board expects the full year results to be in line with its expectations.