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Revenue drops at Park Plaza
By Luke Tuchscherer
Park Plaza Hotels has seen revenue drop 15 per cent in the five months to 31 May, in line with management expectations.
Group revenue for the period was 29.1m euro (£25m), compared with 34.4m euro (£29.6m) last year. Group RevPAR for the period was 73.3 euro (£62.4) compared to 90.2 euro (£76.7) last year.
In the UK, RevPAR fell from £100.9 to £95.6 on a constant currency basis, but occupancy rates remained nearly the same at 83.1 per cent compared to 82.6 per cent the year before.
Boris Ivesha, chief executive and president of Park Plaza, said: "Trading conditions since the beginning of the year have remained difficult in our markets and we continue to anticipate that 2009 will be a very challenging year for us and the industry as a whole."
Park Plaza Hotels has seen revenue drop 15 per cent in the five months to 31 May, in line with management expectations.
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