PPHE Hotel Group Ltd

PPHE Hotel Group reported solid half-year results with like-for-like total revenue up 4.7% to GBP 208 million and EBITDA up 8% to GBP 49 million, but its strategic review concluded without a firm offer after Euro Plaza Holdings withdrew support for Fattal Hotel Group's GBP 22 per share proposal. The company acquired the freehold of Park Plaza London Waterloo for GBP 147.9 million and disposed of a New York development site for USD 33.5 million, using proceeds to repay debt. UK operations drove growth with a 6.8% revenue increase and 5.2% RevPAR growth, while the Dutch VAT increase from 9% to 21% caused a GBP 1.3 million EBITDA drop. Net debt rose by GBP 157 million to GBP 932 million, and the group's average loan-to-value stands at 39.5% with debt maturity extended to 4.4 years. Summer trading is in line with full-year consensus expectations, with improving momentum in Croatia and continued strength in UK properties.