We are in the thick of the hotel industry Q3 results season. Hyatt, Marriott, Intercontinental, M & C have all reported. But the best of the bunch so far is PPHE, which owns the Park Plaza brand in Europe. Total revenues were up 27%, we explain why. Also, we discuss assets, around 600p/share when the share price is 225p and the company is discussing moving towards a “release of part of the value”. What’s not to like?