Whether or not the Olympics were good for British business remains debatable, but PPHE Hotel Group (PPHE) - best known in London for the Park Plaza brand - certainly benefited. Like-for-like revenues were up 19.5 per cent in the third quarter, an acceleration of the strong trend reported in the first half.
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Chief executive Boris Ivesha said the Games in August and September boosted trading, although that was partly offset by a weaker July as other tourists stayed away. The improvement was entirely driven by pricing, with the average room rent up 19.3 per cent to €138 (£111). For all the noise about London being fully booked, occupancy for the three months actually declined from 84 per cent last year to 81.6 per cent.
