new heights
in hospitality

Eli Papouchado

“The highlight of 2024 will be the opening of our much anticipated and highly impressive art'otel London Hoxton development.”

Eli Papouchado

Boris Ivesha

“Our performance this year has further illustrated the strength and resilience of our unique business model and proposition.”

Boris Ivesha
President & Chief Executive Officer

Daniel Kos

“Fully recovered results provide the group with strong cash flows and NAV growth.”

Daniel Kos
Chief Financial Officer

Greg Hegarty

“As activity grew throughout the year, our teams once again worked extremely hard to deliver a memorable guest experience.”

Greg Hegarty
Co-Chief Executive Officer


Financial Operating

Total revenue



+25.6% (2022: £330.1m)
+15.9% (2019: £357.7m)




+35.5% (2022: £94.6m)
+4.3% (2019: £122.9m)

Property value



+6.3% (2022: £2.0bn)
+26.9% (2019: £1.7bn)

Adjusted EPRA EPS



+136.0% (2022: 50p)
-7.8% (2019: 128p)

Normalised profit before tax



+353.6% (2022: £8.3m)
-8.0% (2019: £40.7m)

EPRA NRV per share



+6.2% (2022: £25.17)
+3.0% (2019: £25.93)




+1,240 bps (2022: 60.0%)
-830 bps (2019: 80.6%)

Average room rate



+4.0% (2022: £160.4)
+29.8% (2019: £128.5)




+25.5% (2022: £96.2)
+16.5% (2019: £103.6)

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Business review

Demand among leisure and corporate visitors alike remained resilient and grew consistently during 2023. This was despite persistent macro-economic challenges and wider concerns about consumer confidence.

United Kingdom

The United Kingdom remains the Group’s largest region in terms of revenue generated and property value. Throughout the year, the portfolio performed strongly across the Group’s main segments of leisure, corporate and meetings.

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Total revenue


Value of the UK property portfolio


As in the United Kingdom, the Group’s Dutch properties performed strongly throughout the year, driven by a combination of rate growth and occupancy recovery.

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Total revenue


Value of the Dutch property portfolio


The region continued to benefit from the maturing of properties following significant repositioning investment programmes to upscale market positions across the portfolio. Revenue growth was primarily from hotels and apartments, especially from Grand Hotel Brioni Pula due to its first full-year trading since it opened in May 2022.

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Total revenue


Value of the Croatian property portfolio


Germany is the Group’s smallest region and as previously reported, operations had a slower start to the year than other regions, with both rate and occupancy growth impacted by market dynamics in the region. However, trading improved as the year progressed.

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Total revenue


Value of the Germany property portfolio

Other markets

This includes recently acquired properties in Italy, Serbia and Austria and a hotel operated in Budapest, Hungary. The Group’s properties in Austria and Budapest were open throughout the year. However, the properties in Belgrade (Serbia) and Rome (Italy) were closed all year due to ongoing investment programmes to reposition these properties.

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Total revenue


Average room rate


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business review

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Business model
Business model

We (re)develop, redesign and continuously improve assets, creating significant value along every part of the value chain.


Hospitality real estate exposure


Real estate development exposure


Operating platform exposure


Value created is released through capital refinancing and recycled into new growth opportunities

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art’otel London Battersea Power Station

This premium lifestyle hotel was fully launched in February 2023. It offers 164 rooms and suites, original art by acclaimed interior designer and artist Jaime Hayon, an art gallery and cultural programming, JOIA restaurant, bar and rooftop, infinity rooftop pool and TOZI Grand Café.

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Arena FRANZ Ferdinand Nassfeld

The hotel was open for a total of eight months of the year. In the four months it was closed, the hotel underwent a two-phased soft refurbishment programme, which included a new spa and pool facilities.

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Arena Stoja Campsite

Phase two of investment, which completed in June 2023 saw the launch of our Deluxe Camping Villas as well as improvements to the communal areas including a coffee shop, restaurant and infrastructure, including a sanitary block upgrade.

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art’otel Zagreb

Marking the Group’s debut in the Croatian capital, art’otel Zagreb opened in October 2023. The 110 bedroom hotel features art from the late painter and graphic designer Boris Bucan. The hotel offers a destination restaurant and bar, rooftop terrace (opening early 2024) and indoor pool.

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Radisson RED Belgrade

Following an extensive refurbishment and rebranding of the existing hotel building, Radisson RED Belgrade features 88 accommodation rooms. The contemporary, yet timeless and stylish interiors are infused with strong art and design features, perfectly aligned with Radisson RED’s signature creative and bold aesthetic.

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art’otel London Hoxton

Our largest current construction project, expected to be completed and opened in Q2 2024. Occupying a prime location in Hoxton, this 27-storey mixed-use scheme includes a premium lifestyle art’otel with 357 rooms, an art gallery, pieces, destination restaurants and bars, events space and office space.

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Radisson RED Berlin Kudamm

The Radisson RED Berlin Kudamm in the heart of Berlin is set to open in Q2 2024 and will be the second Radisson RED branded hotel to be operated by PPHE’s Croatian subsidiary Arena Hospitality Group under a long-term management agreement.

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art’otel Rome Piazza Sallustio

The historic Londra & Cargill hotel in Rome closed down in July 2022 and is currently being transformed into the Group’s first art’otel in Italy. This hotel will be repositioned offering 99 rooms, art gallery, destination restaurant and bar. Expected opening H1 2024.

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The Group also owns two sites in London, both with significant development potential and additionally has received planning for a subterranean hotel, also in London.

Find out more about our portfolio and pipeline

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Attractive brands

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.

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A place to dream and be inspired, art’otel is a hotel like no other. A contemporary collection of upper upscale, 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.

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This award-winning premium boutique hotel is located on iconic Chiltern Street 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.

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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.

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Located in exclusive beachfront sites across the southern coast of Istria, Croatia. Situated within close proximity to Pula and Medulin, each campsite provides a distinctive offering & relaxed environment from which guests can experience areas of natural beauty.

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Our long-standing partnership with Radisson Hotel Group has enabled us to launch the Grand Hotel Brioni Pula, a Radisson Collection Hotel and the signing of our first two Radisson RED brand properties.

Find out more about the Radisson brands


JOIA is a restaurant, bar and rooftop restaurant created by two Michelin starred Portuguese chef Henrique Sa Pessoa located on the 14th, 15th and 16th floors of art’otel London Battersea Power Station.

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TOZI is a Venetian-Italian restaurant and bar concept in London Victoria and Amsterdam. In 2022 TOZI brand evolved into an Italian take on a Grand Cafe and Counter in Battersea Power Station.

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ARCA, the sister restaurant & bar of JOIA Battersea is located in the heart of Amsterdam. ARCA celebrates Portuguese cuisine with Asian influences both in the food and cocktails.

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YEZI is a brand new concept launched at the end of 2023. This relaxed fine dining restaurant and bar experience in the heart of Zagreb, Croatia is a unique approach to Asian Cuisine.

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A selection of some of our restaurant & bar brands

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Throughout 2023, teams in the business have worked diligently to set and refine defined targets to achieve the strategic objectives of our ESG Strategy.

Sustainable properties

To ensure that our hotels achieve high standards of environmental performance we have committed to ensuring that all new-build hotels, repositioning projects and refurbishments obtain an environmental certification by a recognised building certification scheme.

Strong local communities

We consider being a responsible corporate citizen an important aspect of our operations. Therefore, many of our hotels support local communities in various ways, through both financial and in-kind donations.

Resilient supply chain

As a UK-listed company, we are working towards a net-positive impact on environment, economy and society up and down the supply chain. We are undertaking work to understand this impact better and set targets for improvement.

Forward-looking people

As one of the pillars of our ESG strategy, the importance of our people is reflected in various targets that we have set for our organisation. These include ambitions around employee wellbeing, engagement rate, learning and development, retention rate, and diversity, equity and inclusion.

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