Q3 Trading Update

PPHE Hotel Group Limited

29 October 2026

 

29 October 2026

PPHE HOTEL GROUP LIMITED
("PPHE Hotel Group", the “Group” or the “Company”)

Q3 Trading Update

Robust performance driven by London and Croatia

PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, is pleased to announce a trading update for the period ending 30 September 2026.

Q3 Highlights

	Total revenue was £164.9 million, an increase of 5.8% (Q3 2025: £155.9 million), driven by a strong performance from the London and Croatian properties in particular. Like-for-like1 revenue increased by 6.3%.
	RevPAR grew by 6.6% to £149.5 (Q3 2025: £140.3), reflecting a 2.6% uplift in average room rate to £179.4 (Q3 2025: £174.9). Occupancy growth of 310 bps to 83.4% (Q3 2025: 80.2%). On a like-for-like1 basis, occupancy improved by 300 bps to 83.4%. Like-for-like RevPAR increased by 5.9% to £149.5.
	The Group saw strong guest demand across its UK hotel portfolio, which supported good growth in average room rate alongside higher occupancy. The Group’s hotels, self-catering apartments and campsites in Croatia delivered a strong summer season as expected. Trading in the Netherlands was more subdued due to the higher VAT rate for accommodation introduced this year. Germany reported improved RevPAR driven by higher occupancy.
	Newly opened and repositioned hotels, including art’otel Rome Via Veneto and art’otel London Hoxton, continued to mature and establish themselves within their respective markets.
	Completion of sale of the Group’s development site in New York for $33.5 million. The sale proceeds repaid the associated debt of $6.75 million and the balance will be deployed in accordance with the Group’s capital allocation strategy.

Outlook

	The demand seen in Q3 has continued into the important Q4 trading period, whilst demand and forward bookings for the Group’s properties and its meetings and events proposition is encouraging.
	Notwithstanding the geopolitical volatility and fiscal headwinds, the Board expects to deliver results for the financial year ending 31 December 2026 in line with market expectations2.

Greg Hegarty, Co-Chief Executive Officer, PPHE Hotel Group

“We are pleased with the Group’s third quarter performance, delivering strong RevPAR and occupancy growth, driven by demand for our high-quality assets in the UK and Croatia. We enter the important fourth quarter with good momentum, which has been further reinforced by positive forward booking trends across our meetings and events segment in the UK.”

“Our focus remains on maximising shareholder value through a combination of operational execution and portfolio and balance sheet simplification. The Board expects to deliver a full year performance in line with expectations.”

Key financial statistics

For the three months ended 30 September 2026 (unaudited)

	Reported			Like-for-like1
	Three months ended 30 September 2026	Three months ended 30 September 2025	% change	Three months ended 30 September 2026	Three months ended 30 September 2025	% change
Total revenue	£164.9 million	£155.9 million	5.8%	£164.9 million	£155.2 million	6.3%
Total room revenue	£113.6 million	£108.0 million	5.2%	£113.6 million	£107.4 million	5.8%
Occupancy	83.4%	80.2%	310 bps	83.4%	80.4%	300 bps
Average room rate	£179.4	£174.9	2.6%	£179.4	£175.7	2.1%
RevPAR	£149.5	£140.3	6.6%	£149.5	£141.2	5.9%

For the nine months ended 30 September 2026 (unaudited)

	Reported			Like-for-like1
	Nine months ended 30 September 2026	Nine months ended 30 September 2025	% change	Nine months ended 30 September 2026	Nine months ended 30 September 2025	% change
Total revenue	£374.2 million	£355.8 million	5.2%	£373.2 million	£352.6 million	5.8%
Total room revenue	£260.8 million	£252.0 million	3.5%	£260.2 million	£249.3 million	4.4%
Occupancy	76.3%	75.3%	100 bps	76.5%	75.5%	100 bps
Average room rate	£166.2	£160.4	3.7%	£166.1	£161.5	2.8%
RevPAR	£126.8	£120.7	5.1%	£127.1	£121.9	4.3%

1 The like-for-like* figures for the three months ended September exclude the Q3 2025 results of Park Plaza Wallstreet Berlin Mitte. The nine-month like-for-like figures exclude the 2025 results of Park Plaza Wallstreet Berlin Mitte and the results of art’otel Rome Via Veneto for the first three months of 2026.

2 At 28 October 2026, the Company compiled analyst consensus forecast range for the financial year ending 31 December 2026 showed a revenue range of £474.6 million to £479.8 million and an EBITDA range of £140.0 million to £143.4 million.

Enquiries:

PPHE Hotel Group Limited Daniel Kos, Chief Financial Officer & Executive Director	Tel: [phone]
h2Radnor Iain Daly / Joshua Cryer	Tel: [phone]
Hudson Sandler Wendy Baker / Lucy Wollam / India Laidlaw	Tel: [phone] Email: [e-mail]

Notes to Editors

PPHE Hotel Group is an international hospitality real estate company, with a £2.4 billion portfolio, valued as at December 2025 by Savills and Zagreb nekretnine Ltd (ZANE), of primarily prime freehold and long leasehold assets in Europe.

Through its subsidiaries, jointly controlled entities and associates it owns, co-owns, develops, leases, operates and franchises hospitality real estate. Its portfolio includes full-service upscale, upper upscale and lifestyle hotels in major gateway cities and regional centres, as well as hotel, resort and campsite properties in select resort destinations. The Group's strategy is to grow its portfolio of core upper upscale city centre hotels, leisure and outdoor hospitality and hospitality management platform.

PPHE Hotel Group benefits from having an exclusive and perpetual licence from the Radisson Hotel Group, one of the world's largest hotel groups, to develop and operate Park Plaza® branded hotels and resorts in Europe, the Middle East and Africa. In addition, PPHE Hotel Group wholly owns, and operates under, the art'otel® brand and its Croatian subsidiary owns, and operates under, the Arena Hotels & Apartments® and Arena Campsites® brands.

PPHE Hotel Group is a Guernsey registered company with shares listed on the London Stock Exchange. PPHE Hotel Group also holds a controlling ownership interest in Arena Hospitality Group, whose shares are listed on the Prime market of the Zagreb Stock Exchange.

Company websites: www.pphe.com | www.arenahospitalitygroup.com

For reservations:

www.parkplaza.com | www.artotel.com | www.arenahotels.com | www.arenacampsites.com | www.radissonhotels.com

 

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