TIDMPPH
RNS Number : 8917O
PPHE Hotel Group Limited
04 June 2020
4 June 2020
PPHE Hotel Group Limited
("PPHE Hotel Group", the "Company" or the "Group")
Business update and completion of financing for art'otel london
hoxton
PPHE Hotel Group, the international hospitality real estate
group which develops, owns and operates hotels and resorts, is
pleased to announce the following update on the current operations
across the Group and art'otel london hoxton development.
-- Openings in Croatia have commenced with campsites to be
followed by selected hotels in the course of June;
-- Germany and Hungary operations continue for several hotels
albeit with subdued demand;
-- Selected hotels across the Netherlands and the United Kingdom
expected to reopen in June and July respectively;
-- To protect customer and colleague safety through the reopening
period, 'Reassuring Moments by Park Plaza' and 'be bold,
be creative, be safe by art'otel' health and safety programmes
launched, as well as adoption of Radisson Hotel Group's
programme and SGS accreditation, building on the Group's
enhanced expertise over the last couple of months supporting
key workers in London;
-- Previously announced GBP180 million funding for development
of art'otel london hoxton now completed providing further
financial liquidity to the Group; and
-- Written notice to proceed ,under the building contract for
art'otel london hoxton, has been served on Gear Construction
UK Limited.
Business update
Following on from our Trading Update on 15 April 2020, we have
continued to closely monitor developments across all of our
operating markets while ensuring our readiness to reopen our
properties and welcome back guests by developing comprehensive and
tailored operational processes for when various government
guidelines allow and it is right for us to do so.
We are now taking steps to reopen some properties but note that
the situation remains dynamic and we will continue to closely
monitor customer demand as well as local government guidelines, the
re-opening of international borders and easing of restrictions on
movement, which vary between markets.
We have undertaken fundamental changes to our workforce, through
the use of government employment schemes, reductions in hours,
voluntary payroll reductions, reducing overheads and,
unfortunately, through redundancies. The Group is closely
monitoring changes to government support, border controls and rules
for quarantine in the respective regions. It is possible that a
large number of redundancies may be necessary in the UK region to
ensure the Group's operational structure is fit for purpose and
accords with guest demand for the short to medium term. The Group
has and will continue to adapt to market conditions in a manner
that preserves cash-on hand, long-term growth prospects and is
mindful of the culture and values of the Group.
Croatia, Germany and Hungary
In Croatia, following the easing of lockdown restrictions, Arena
Hospitality Group d.d, in which the Group holds a controlling
ownership interest, has re-opened its campsites on the Istrian
Peninsula, and anticipates further openings of selected hotels and
resorts over the coming two weeks.
In Germany and Hungary, although demand remains subdued, a
number of properties re-opened in May, adhering to social
distancing rules with limited capacity and limited food &
beverage offering.
The Netherlands and the United Kingdom
Current plans are to open selected hotels across the Netherlands
and the United Kingdom through a phased approach from June and July
respectively, subject to customer demand and local government
legislation and guidelines, and with a limited service
offering.
Our flagship hotels Park Plaza Victoria Amsterdam and Park Plaza
Westminster Bridge London have remained open, with Park Plaza
Westminster Bridge London welcoming essential workers. This has
enabled the Group to take practical learnings which will be applied
across our portfolio.
Customer-focused approach
Safety and wellbeing for team members and guests remains the
Group's number one priority in reopening its properties. With this
in mind, the business remains committed to upholding an even higher
standard of cleanliness and wellness as we welcome customers over
the coming months.
In May, we launched the 'Reassuring Moments' programme for our
Park Plaza branded hotels and our 'be bold, be creative, be safe'
programme for the art'otel branded properties. These programmes are
designed to uphold rigorous safety standards across both brands and
provide effective and transparent communications to team members
and guests about our safety procedures. The Group is also
implementing a new 20-step protocol for hotels and 10-step protocol
for meeting and event spaces in partnership with Radisson Hotel
Group.
These programmes, which have been created in line with World
Health Organization recommendations, include contactless check-in
and contactless transactions, increased cleaning and disinfection,
improved air circulation processes, in-room dining, reduction of
in-room furnishings, staff temperature checks, increased cleaning
procedures, and new restaurant and bar layouts to ensure adherence
to social distancing guidelines.
Additional training is being rolled out and will be regularly
reviewed, refreshed and retrained to maintain effective compliance
with these enhanced health and wellness programmes. Personal
protective equipment will be provided where needed.
Funding for the development of art'otel london hoxton
Further to the announcement on 8 April 2020, all conditions
precedent for drawdown in connection with the new facility
agreement of up to GBP180 million to fund the development of
art'otel london hoxton, have been satisfied and notice to Gear
Construction UK Limited has been served under the building
contract. This gives the Group the ability to drawdown funds under
the facility agreement. Piling works have now completed and
substructure works are underway.
Boris Ivesha, President & Chief Executive Officer, PPHE
said:
"We are continuing to adapt to the unprecedented environment. As
the impact of Covid-19 begins to ease and restrictions are lifted,
our focus now turns to gradually reopening our properties, creating
growth opportunities and continuing to take active steps to
maintain our financial position during periods of partial
operations.
The Group believes in creating valuable memories for guests
through all elements of our hospitality offering. Each and every
team member, past and present, has played an important role in the
growth and success of the business. As we look with optimism toward
the future, including the development of the art'otel london
hoxton, we wish to express unreserved gratitude and respect for the
talented team members that have left the Group. The successes of
tomorrow are built by the contributions of the many individual team
members, past and present, who make up the PPHE Hotel Group.
Our enhanced safety protocols are our way of reassuring team
members and guests that they are looked after and welcome to once
again enjoy our hotels and services. We eagerly look forward to
getting back into the business of helping create valuable memories
for guests."
Enquiries:
PPHE Hotel Group Limited
Daniel Kos, Chief Financial Officer & Executive
Director
Inbar Zilberman, Chief Corporate & Legal Officer
Robert Henke, Executive Vice President Commercial Tel: +31 (0)20 717
Affairs 8600
Hudson Sandler
Wendy Baker/ Lucy Wollam Tel: +44 (0)20 7796
4133 pphe@hudsonsandler.com
Notes to Editors
PPHE Hotel Group is an international hospitality real estate
company, with a GBP1.7 billion portfolio (valued as at summer of
2019) by Savills and Zagreb nekretnine Ltd 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 primary focus is
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.
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 incorporated company with shares
listed on the London Stock Exchange and a constituent of the FTSE
250. 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.artotels.com
www.arenahotels.com
www.arenacampsites.com
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END
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