The IMS implied confirmation of strong London trading is unsurprising, in a positive market, but no less welcome. Not only was overall RevPAR gain in Q1 (like-for-like 8.3%) well ahead of our full-year estimate (admittedly in the least representative quarter and currency boosted), but its origination from higher room rate rather than occupancy should also allow PPHE to mitigate cost pressures. However, we are holding forecasts owing to the impact of significant renovations with full pay-off unlikely before 2016.

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