PPHE Hotel Pays GBP12 Million For Freehold Site Near London Waterloo

(Alliance News) - PPHE Hotel Group Ltd on Monday said it has acquired the freehold interest in a ...

Alliance News 2 December, 2019 | 9:24AM
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(Alliance News) - PPHE Hotel Group Ltd on Monday said it has acquired the freehold interest in a London site, where it intends to develop a hotel, for GBP12 million in cash.

PPHE - which has an exclusive and perpetual licence from the Radisson Hotel Group to develop and operate Park Plaza band hotels in Europe, the Middle East, and Africa - said the site is located near Park Plaza London Waterloo.

The company said the site was acquired from the third party investor with the total GBP12 million investment being funded using existing cash. Provided planning permission is obtained, PPHE intends to develop the site into a hotel.

"The acquisition is aligned to PPHE Hotel Group's proven development strategy of targeting real estate in prime locations and attractive geographies where there is significant upside potential to drive growth and long-term value through both the property portfolio and operations," the company said.

Shares in PPHE were up 0.5% at 1,890.00 pence in London on Monday morning.

By Anna Farley; annafarley@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
PPHE Hotel Group Ltd 2,040.00 GBX -2.86 -

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