PPHE Hotel Group Reports Record Revenue Amid Strategic Review
International hospitality real estate group PPHE Hotel Group has posted record full-year revenues of £466.4 million for 2025, a 5.3% increase on the prior year, as the company completes its largest-ever multi-year investment programme.
The London-listed group, which develops, owns and operates hotels and resorts across the UK and Europe, saw like-for-like total revenue grow by 3.7% to £456.9 million, with occupancy rising 60 basis points to 75.1% and RevPAR improving 2.6% to £123.4.
EBITDA for the year reached £138.2 million, up 1.3% on 2024, though margins edged back slightly to 29.6% from 30.8%, with the group citing higher national insurance costs in the UK and the natural drag of newly opened hotels finding their feet in new markets.
The UK portfolio delivered a solid performance, with room revenue and RevPAR growth driven primarily by occupancy gains and stable average room rates. Trading in the Netherlands and Germany was more subdued, with pressure on both occupancy and rate, while the Croatian properties — hotels, self-catering apartments and campsites — performed strongly through the peak summer months, recording healthy average room rate growth.
A significant milestone in 2025 was the opening of art’otel Rome Piazza Sallustio in March, the group’s first Italian property and the culmination of its multi-year capital investment programme. The phased opening of art’otel London Hoxton also continued to progress, with the 25th-floor French Mediterranean restaurant Solaya and the hotel’s suites launching in Q4. The property’s 5,000 sqm of premium office space is currently being marketed.
Co-Chief Executive Greg Hegarty described 2025 as “another year of financial and strategic progress,” adding that the results had been achieved “against a volatile macroeconomic environment and strong prior year comparatives.”
On the development front, PPHE acquired a site near the City of London in September for £17.5 million, earmarked for the group’s first select-service London hotel, expected to operate under the Radisson RED lifestyle brand when it opens in 2029. The group also acquired the freehold of Park Plaza London Park Royal and an adjacent development site for £10 million.
A strategic review announced in November 2025 remains ongoing, with the company saying it will update the market in due course.
Looking ahead, the board said it expects to grow both revenue and EBITDA in 2026, supported by the growing contribution from recently opened properties. Analyst consensus forecasts for the year point to revenues of between £473 million and £489 million, and EBITDA of £147 million to £148 million.