Experiences
and Accounts 2025
Experiences
Ken Bradley
Chairman
“The strategic progress and revenue growth delivered during the year reflect the attractiveness and strength of our portfolio.”
Boris Ivesha and Greg Hegarty
Co-Chief Executive Officers
“Throughout our largest ever investment programme, we have been focused on enhancing our hospitality offer and maximising returns for our shareholders over the longer term.”
Overview with Co-CEO Greg Hegarty
Daniel Kos
Chief Financial Officer
“Despite the challenging macro backdrop and operating in a highly inflationary environment, the Group’s strong focus on cost control enabled us to achieve EBITDA growth.”
Portfolio highlights
We are pleased to have completed our multi-year £300+ million capital expenditure programme, delivering new and repositioned hotel properties across five European capital cities. In 2025, our programme was completed with the full launch of art’otel London Hoxton and art’otel Rome Piazza Sallustio.
art’otel Rome
Piazza Sallustio
ITALY
Following several years of construction, our first property in Italy launched in March 2025, and YEZI Restaurant & Bar opened in April 2025. The five-star luxury lifestyle property in the heart of the Italian capital offers 99 rooms and suites, and has received excellent guest feedback since opening its doors.
art’otel
London Hoxton
United kingdom
Our flagship art’otel London Hoxton, continued to grow from strength to strength, with operations gaining momentum, guests positively rating their hotel experience, and all areas and outlets of the property now fully launched.
Performance
Financial performance and growth
Total revenue
2024: £442.8m
EBITDA
2024: £136.5m
Property value
2024: £2.2bn
Financial performance and growth
Adjusted EPRA EPS
2024: 125p
Normalised profit before tax
2024: £38.8m
EPRA NRV per share
2024: £27.51
Operational achievements
Occupancy
2024: 74.5%
Average room rate
2024: £161.5
RevPAR
2024: £120.3
Business review
Across most of our properties, we saw increased occupancy achieved alongside a stabilisation of room rates.
Unlocking growth in the
United Kingdom
The United Kingdom remains the most significant operating region for the Group, in terms of revenue generated and the value of its property portfolio.
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Unlocking growth in
The Netherlands
Throughout the year, the performance of the Group’s Dutch properties was more subdued compared with the prior year, with pressure on both average room rate and occupancy.
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Unlocking growth in
Croatia
The Group’s operations in Croatia delivered another strong summer season, with a rise in average room rate driving revenue growth. The portfolio continued to benefit from recent investments in repositioning properties to upper upscale, which has significantly enhanced the proposition for guests, improved guest satisfaction and overall performance.
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Unlocking growth in
Germany
The Group’s portfolio in Germany was subdued throughout the year, due to moderated demand putting pressure on both occupancy and average room rate.
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Unlocking growth in
Other markets
Austria, Hungary, Italy, Serbia
The Group’s properties in Austria, Serbia and Hungary all performed well and delivered revenue and, on a like-for-like basis, occupancy growth, supported by a notable increase in business activity in the year.
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business review
Business model
We (re)develop, redesign and continuously improve assets, creating significant value along every part of the value chain.
Build
Real estate development exposure
Operate
Operating platform exposure
Recycle
Value created is released through capital refinancing and recycled into new growth opportunities
Buy
Hospitality real estate exposure
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In 2022, we extended our long-standing partnership with Radisson Hotel Group (‘Radisson’), providing us with access to all of Radisson’s brands at favourable commercial terms. This new agreement enabled us to launch the five-star Grand Hotel Brioni Pula, a Radisson Collection Hotel, in May 2022.
A place to dream and be inspired, art’otel is a hotel like no other. A contemporary collection of upper upscale, premium lifestyle hotels, each inspired by a Signature Artist, forming a cultural, gastronomic and social hub in the most creative areas of the most interesting cities, attracting international, domestic and local guests. Each art’otel is an arts and premium lifestyle hotel devoted to creating and presenting original work.
This award-winning premium boutique hotel is located on iconic Chiltern Street in London’s West End and is surrounded by fashion boutiques, cafés and restaurants. The hotel has been inspired by Baker Street’s most famous resident, Sherlock Holmes, and is a witty blend of heritage and playfulness, filled with a stylish mix of antiques, curiosities and artefacts that are bound to intrigue even the busiest of guests.
An upper upscale, contemporary hotel brand featuring individually designed hotels in vibrant city centre locations and select resort destinations. Renowned for creating memorable moments, Park Plaza caters to both leisure and business travellers with stylish guest rooms and versatile meeting facilities which are perfectly complemented by award-winning restaurants and bars.
The Radisson RED brand is an upscale/upper upscale brand with a playful twist on the conventional and we are proud to now offer this in the heart of Belgrade – Radisson RED Belgrade – and in Berlin – Radisson RED Berlin Kudamm – following their respective openings in February and June 2024. In June 2025, we were pleased to announce our first Radisson RED project for central London, set to open in 2029.
TUI BLUE is the global flagship hotel brand of the TUI Group, one of the world’s leading tourism businesses. The first TUI BLUE hotel opened in May 2016 and now the TUI BLUE portfolio includes nearly 100 hotels in 19 countries across the globe. At PPHE, we have a long-standing relationship with TUI Group and utilise its TUI BLUE brand for our four-star TUI BLUE Medulin property in Croatia.
Arena Hotels & Apartments is a collection of hotels and self-catering apartment complexes offering relaxed and comfortable accommodation within beachfront locations across the historic settings of Pula and Medulin in Istria, Croatia, and at a mountain resort in Nassfeld, Austria. Featuring contemporary and warm design/ interiors accompanied by welcoming and friendly service, it offers a holiday full of opportunities for exploration and relaxation.
Arena Campsites and glamping sites are located on exclusive beachfront sites across the southern coast of Istria, Croatia. Situated within close proximity to the historic towns of Pula and Medulin, each campsite provides a distinctive offering and relaxed environment from which guests can experience Istria’s areas of natural beauty and enjoy outdoor activities all year round.
Opened in September 2025 and located at art’otel London Hoxton, Solaya is Kenny Atkinson’s first London debut: 25 floors high with unparalleled views of London and beyond is a modern French Mediterranean restaurant and bar in the heart of Shoreditch. Michelin starred chef Kenny Atkinson is the concept chef for Solaya and the food is inspired by the flavours of the Côte d’Azur, focusing on Southern French and Mediterranean cuisine, fusing sunshine cuisine with contemporary dining.
YEZI Restaurant & Bar is a brand concept which launched at the end of 2023. This relaxed fine dining restaurant and bar experience in the heart of Zagreb hotel, Croatia is a unique approach to Asian cuisine. The second opened in April 2025 in Rome, located in the art’otel Rome Piazza Sallustio. Inspired by the traditional Asian teahouse style of eating, drinking and socialising, YEZI Restaurant & Bar focuses on the art of dim sum, mixology, tea and European patisserie.
The Brush is an all-day Grand Café, with an outdoor terrace, located on the ground floor of art’otel London Hoxton. The seasonally led bistro-style menu pays homage to the Grand Café genre. It is the perfect spot for any moment in the day – breakfast, lunch, dinner or simply a coffee or cocktail in between. The Brush is named after D*Face’s graffiti-style murals within the space and an iconic paint brush bronze sculpture just outside the restaurant entrance.
JOIA is a restaurant, bar and rooftop restaurant created by two Michelin starred Portuguese chef Henrique Sá Pessoa, located on the 14th, 15th and 16th floors of art’otel London Battersea Power Station. JOIA means ‘jewel’ in Portuguese. The menu comprises petiscos (small tapas), with large dishes to share, such as the signature Arroz de Marisco.
TOZI is a Venetian-Italian restaurant and bar concept spanning London Victoria and Amsterdam. The brand has evolved in London Battersea with a focus on pizza as well as the signature cicchetti sharing plates. Drinks include Italian wines and barrel-aged negronis served via a trolley.
We continued to make significant progress on our Environmental and Sustainability Governance (ESG) strategy, focusing on environmental sustainability and social responsibility. We achieved our set targets, such as completing the submission to Science Based Targets initiative (SBTi) and expanding our support to local communities, while also setting new ones.
Sustainable properties
In 2025, we started the process to obtain the BREEAM In-Use certification for Park Plaza London Westminster Bridge, Park Plaza London Riverbank and art’otel Rome Piazza Sallustio. The evidence for Park Plaza London Westminster Bridge and Park Plaza London Riverbank was gathered and submitted to BRE, and we are currently awaiting BRE’s feedback.
Forward-looking people
Wellbeing remained a key priority, with the relevant indicator from the engagement survey showing that 79% of team members believe PPHE supports their wellbeing at work, marking a 2% increase compared to 2024.
Resilient supply chain
In 2025, we stepped up the interactions with our suppliers to share carbon footprint data, which is useful to increase the accuracy of our Scope 3 emissions results.
Strong local communities
We continue to work closely with a range of charity partners and, in 2025, expanded our collaborations to include new organisations, further strengthening our community impact.
