PPHE Hotel Group revels in rising occupancy rates as pandemic conditions ease
International hospitality group PPHE Hotel Group has rebounded strongly from the pandemic with a 408 per cent boost in revenues year-on-year during the first three months of 2022.
Total revenues have risen to 43.7m Croatian kunas (HRK), powered by a 442 per cent rise in accommodation revenues to 28.2 HRK million.
The group has also doubled the number of available rooms from 135,329 to 256,262 – while boosting occupancy rates from 9 per cent to 16 per cent.
Losses have risen amid challenging economic conditions to 78.3 HRK million from 66.2m HRK last year, and the group is continuing to use government support in its German and Austrian operations.
The group’s cash position remains liquid- at HRK 247 million – which is providing a safety net in a difficult environment, even as people begin to travel again following the pandemic.
More to follow…