PPHE Hotel Group Limited Acquisition of Joint Venture Interest in London (7226C)
24 January 2018 - 6:00PM
UK Regulatory
TIDMPPH
RNS Number : 7226C
PPHE Hotel Group Limited
24 January 2018
24 January 2018
PPHE Hotel Group Limited
("PPHE Hotel Group" or the "Company")
Acquisition of Joint Venture Interest in London
PPHE Hotel Group, which owns, leases, develops, operates and
franchises full service upscale, upper upscale and lifestyle hotels
in major gateway cities and resort destinations, predominantly in
Europe, is pleased to announce that one of its wholly owned
subsidiaries, has exchanged contracts to buy from its joint venture
partner its fifty percent interest in its joint venture company,
Aspirations Limited ('Aspirations'), for a consideration of
thirty-five million pounds (subject to working capital adjustments
to be made on completion).
Aspirations owns the site located by Old Street, Rivington
Street, Great Eastern Street and Bath Place, London EC1 on which it
plans to develop art'otel london hoxton.
The Company initially entered into this joint venture in 2008 by
investing GBP11.0 million for its fifty percent interest. This
acquisition will be funded through cash resources.
The acquisition will enable the Company to control the timetable
for construction and hence construction of a mixed-use scheme
consisting of the 318 room art'otel london hoxton, office and
commercial space and ancillaries are now expected to commence in
the second quarter of this year.
The sale is expected to complete by the end of March 2018.
Boris Ivesha, President and Chief Executive Officer of PPHE
Hotel Group, commented:
"We are excited about this latest transaction which is part of
realising the next phase of growth for our group. Construction of
art'otel london hoxton is now expected to commence in the second
quarter of this year and this lifestyle hotel, located in one of
London's most exciting neighbourhoods, will complement our other
art'otel already under construction, the landmark art'otel london
battersea power station."
Enquiries:
PPHE Hotel Group Limited
Robert Henke, Executive Vice President
of Corporate Affairs Tel: +31 20
and Customer Experience 717 8600
Lisa Woodman, Director of Corporate Tel: +44 (0)20
Communications 7034 4800
Hudson Sandler Financial Public
Relations
Tel: +44 (0)20
Wendy Baker/ Sophie Lister 7796 4133
Notes to editors
The Company is a Guernsey registered company and through its
subsidiaries, jointly controlled entities and associates, owns,
leases, operates, franchises and develops full-service upscale,
upper upscale and lifestyle hotels in major gateway cities,
regional centres and select resort destinations, predominantly in
Europe.
The majority of the group's hotels operate under the Park
Plaza(R) Hotels & Resorts or art'otel(R) brands. The group has
an exclusive licence from Carlson Hotels Worldwide Inc., one of the
world's largest hotel groups, to develop and operate Park Plaza(R)
Hotels & Resorts in Europe, the Middle East and Africa.
The art'otel(R) brand is wholly owned by the group.
The group has a controlling ownership interest (51.97% of the
share capital) in Arena Hospitality Group, one of Croatia's
best-known hospitality groups.
The group's portfolio of owned, leased, managed and franchised
hotels comprises 39 hotels offering a total of approximately 9,000
rooms. The group's development pipeline includes two new hotels
which are expected to add an additional 500 rooms by the end of
2021.
Company websites:
www.pphe.com
www.arenahospitalitygroup.com
For reservations:
www.parkplaza.com
www.artotels.com
www.arenaturist.com
For images and logos visit www.vfmii.com/parkplaza
This information is provided by RNS
The company news service from the London Stock Exchange
END
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