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PPHE continues to deliver with a firm end to the year reinforcing confidence that expectations for 2017 will be met (results due in late February). Like-for-like RevPAR growth of c 4% (our estimate) in Q4 is impressive in the teeth of pronounced market slowdown in London, while double-digit yield gain in the first nine months was flattered by weak comparatives and currency. Notwithstanding short-term caution about renovations and costs, PPHE is admirably placed to exploit its very considerable financial flexibility. Its modest rating recognises neither its excess liquidity (likely £200m+ cash post-Hoxton acquisition) nor its asset backing.

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