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Despite further slowdown in London, its major market, the strength and diversity of PPHE’s portfolio has ensured a ‘solid’ Q118 and confidence that 2018 expectations can be met. Although Q1 regional performance is not disclosed, overall 1% RevPAR gain may reflect a marginal dip in the capital, as was the case for the market, which is creditable given a demanding comparative. Growth in Croatia and Germany was encouraging, if offset by renovation in the Netherlands. Current projects are well in hand, while management looks to exploit flexibility after Waterloo’s sale and leaseback and Arena’s fund-raising. PPHE’s rating underestimates its excess liquidity (£200m+ cash post-Hoxton purchase) and asset backing (fair value c £20/share).

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