PPHE Hotel Group Limited Planning approval for new hotel in London (6604U)
27 Noviembre 2023 - 1:00AM
UK Regulatory
TIDMPPH
RNS Number : 6604U
PPHE Hotel Group Limited
27 November 2023
27 November 2023
PPHE Hotel Group Limited
("PPHE" or the "Group")
Planning approval for a new 179-room hotel concept in London
PPHE Hotel Group, the international hospitality real estate
group which develops, owns and operates hotels and resorts, is
pleased to announce that it has received planning consent from
Westminster City Council to develop a new hotel within the Park
Plaza Victoria London property.
PPHE has a strong track record of creating shareholder value by
growing the Group through new acquisitions and developments, as
well as through repositioning programmes to enhance assets.
At Park Plaza Victoria London, the Group will convert 6,500
square metres of predominantly subterranean space to a new
179-guest room hotel with a separate and dedicated entrance. The
current 299-key Park Plaza Victoria London hotel will continue to
operate standalone in its current form.
Through this forward-thinking approach of converting a
subterranean space, the Group will be tapping into a growing
segment of the market, which has seen particular traction in
London. On completion, the Group will operate a dual-branded hotel
consisting of the Upper Upscale Park Plaza Victoria London and a
Midscale Lifestyle product for which the brand is yet to be
announced.
Given that development will be utilising the existing structure,
and land does not need to be acquired, the Group expects to
significantly increase the asset valuation and yield upon
completion. Detailed design, construction and funding plans are
currently being prepared and further updates will be announced in
due course.
Boris Ivesha, President & Chief Executive Officer, PPHE
Hotel Group said:
"This is an exciting new project utilising an existing asset and
operations in a sought-after location to maximum effect. Situated
in the heart of the city, this 179-room property will further
enhance our London portfolio, broaden our accommodation
proposition, enabling us to tap into a new guest demographic,
whilst maximising returns. The strategy here is consistent with the
Group's longstanding approach to building long-term shareholder
value through the measured use of its balance sheet and tactical
capital investment."
- Ends -
Enquiries:
PPHE Hotel Group Limited Tel: +31 (0)20 717 8600
Daniel Kos, Chief Financial Officer & Executive
Director
Robert Henke, Executive Vice President
of Commercial Affairs
Hudson Sandler Tel: +44 (0)20 7796
4133
Wendy Baker / Charlotte Cobb / India Laidlaw pphe@hudsonsandler.com
Notes to Editors:
PPHE Hotel Group is an international hospitality real estate
company, with a GBP2.0 billion portfolio, valued as at December
2022 by Savills and Zagreb nekretnine Ltd (ZANE), of primarily
prime freehold and long leasehold assets in Europe.
Through its subsidiaries, jointly controlled entities and
associates it owns, co-owns, develops, leases, operates and
franchises hospitality real estate. Its portfolio includes
full-service upscale, upper upscale and lifestyle hotels in major
gateway cities and regional centres, as well as hotel, resort and
campsite properties in select resort destinations. The Group's
strategy is to grow its portfolio of core upper upscale city centre
hotels, leisure and outdoor hospitality and hospitality management
platform.
PPHE Hotel Group benefits from having an exclusive and perpetual
licence from the Radisson Hotel Group, one of the world's largest
hotel groups, to develop and operate Park Plaza(R) branded hotels
and resorts in Europe, the Middle East and Africa. In addition,
PPHE Hotel Group wholly owns, and operates under, the art'otel(R)
brand and its Croatian subsidiary owns, and operates under, the
Arena Hotels & Apartments(R) and Arena Campsites(R) brands.
PPHE Hotel Group is a Guernsey registered company with shares
listed on the London Stock Exchange. PPHE Hotel Group also holds a
controlling ownership interest in Arena Hospitality Group, whose
shares are listed on the Prime market of the Zagreb Stock
Exchange.
Company websites: www.pphe.com |
www.arenahospitalitygroup.com
For reservations:
www.parkplaza.com | www.artotel.com | www.arenahotels.com |
www.arenacampsites.com
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