PPH - Park Plaza Hotel Group

[yadayada]

These guys are running hotels under a franchise and own a small franchise themselves, its traded on the london exchange. They have quite a debt load tho. But are trading at 6.6x earnings. I looked at their hotels, and average occupancy rates seem above the industry average. Ratings on various websites about their hotels also seem above average with 4-5 stars. They seem cheap compared to their peers, but i dont really know how much of a risk their debt is. Even tho they seem to be trading at close to 50% of their net asset value. They do seem to own the art'otel franchise, and those hotels do seem to get pretty high ratings.

 

I didnt look into it in dept, but maybe there are people on this board who know more about this industry and have an opinion. Also note that financial statements are in euros. I missed that initially. I think income is roughly 19 million pounds (interest payments will go down 3 million euros next year). But im not sure how to look at the non cash charges here.