15:07 7 February 2026
Polish Hotel Holding earned a lot in ‘25 and is now spending
Despite costly renovations of four hotels, Poland’s state-owned Polish Hotel Holding (PHH) improved its financial results in 2025. Revenue rose by just over 10% to PLN 575.7 million, while EBITDA increased nearly 10%, supported mainly by strong performance from city hotels operating under international brands. Higher room rates, better occupancy, and one-off gains also helped offset renovation costs of nearly PLN 290 million.
However, PHH expects weaker results in 2026–27 as it enters a peak investment phase. Under its 2025–2034 strategy, the group plans PLN 1.2 billion in upgrades, mainly in resort and spa hotels owned by subsidiaries. These projects will initially raise debt, depreciation, and financing costs, delaying profits. Management views this as a deliberate investment in long-term efficiency and market position, with a clear improvement expected from 2028 onward.
(pb.pl)
