AGM Statement

RNS Number : 6173R

Park Plaza Hotels Limited

25 August 2010

 



25 August 2010

Park Plaza Hotels Limited

("Park Plaza" or "the Group")

AGM Trading Update

Mr. Boris Ivesha, President and CEO of Park Plaza Hotels Limited, will provide the following trading update to shareholders at the Annual General Meeting to be held in Guernsey later today:

"The Group has continued to trade in line with the Board's expectations since the end of May, as reported in our Preliminary results announced on 29 June 2010.   Trading conditions remain challenging across all our markets and although we do not anticipate any further significant deterioration in the economic and trading environment in 2010, we expect conditions to continue to be characterised by low visibility and pressure on average room rates for the remainder of the year.

The Group remains focused on managing its operations efficiently, leveraging its strategic partnership with Carlson Hotels Worldwide and continuing to progress a number of development projects.  Most notable amongst these is the Group's prestigious Park Plaza Westminster Bridge London hotel.  We are pleased with the level of bookings and since the end of June, unit sales at this property have continued to progress at a steady pace, with 466 completed as at 23 August 2010.

The Board continues to believe that the Group's longer term growth prospects remain attractive.  Its current portfolio and development pipeline mean Park Plaza is well positioned to benefit from more normalised market conditions as and when these occur.

The Group will announce interim results for the six months ended 30 June, 2010 during the last week of September."

Enquiries:

Park Plaza Hotels
Chen Moravsky, CFO	Tel: [phone]
Hudson Sandler	Tel: [phone]
Wendy Baker/Kate Hough

 

END

 

 

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