Summary
Demand remains strong and, based on our experience in Q3 in the
Trading in Q4 was impacted by certain regional restrictions, which led to reduced occupancy levels, albeit to a lesser extent than experienced during previous waves of the pandemic.
The Group is well-placed to take advantage of a rebound in demand across customers' leisure and business segments alike due to our strategic locations, operational efficiency, continued investment in property repositioning, wellbeing and training of our team members and success of newly introduced guest experience initiatives such as online check-in, digital key and guest services apps.
Strategic progress amid the second year of the pandemic
Notwithstanding the continued disruption on a macroeconomic level, the Group continued to make strategic progress including:
Raising
Progressing its development and repositioning programmes in line with plans, including:
Construction of art'otel london hoxton (
Repositioning of
Construction of a premium lifestyle hotel in
Two acquisitions in Q4, one in the Group's leisure and outdoor segment and the other in a key capital city centre location. These two acquisitions expand the Group's presence into two new markets,
art'otel london battersea power station (164 rooms) expected to open H2 2022 and will be operated by the Group under a management agreement.
2021 financial performance
The Group's financial position remains strong, with
'Despite ongoing difficult trading conditions, we are very pleased to have outperformed the market where restrictions have eased and maintained our strategic progress. We are confident that trading in the year ahead will improve, with countries taking less restrictive strategies on managing the pandemic. Our recovery is supported by a strong financial position and our well-invested estate.
'Whilst uncertainties around the continuation of the pandemic remain, and the momentum reported in Q3 was impacted by concerns and complications arising from the emergence of the Omicron variant, we know that demand for our hotels continues to be strong, as consumers look forward to travelling where possible. Our market-leading offer positions us favourably to welcome back an increasing number of customers across our operating markets during 2022 and beyond.'
Company websites:www.pphe.com | www.arenahospitalitygroup.com
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