Acquisition of Mountain Resort, Austria

RNS Number : 2566N

PPHE Hotel Group Limited

28 September 2021

 

28 September 2021

PPHE Hotel Group Limited

("PPHE" or the "Group")

Acquisition of Mountain Resort in Nassfeld, Austria

PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, announces that the Group, via its subsidiary, Arena Hospitality Group d.d., has entered into  a purchase agreement pursuant to which the Group will acquire the FRANZ Ferdinand Mountain Resort Nassfeld, a 4-star hotel in Nassfeld, Austria and related businesses for an aggregate purchase price of 112 million Croatian Kuna (approximately £12.7 million).

This modern mountain resort is superbly located next to the valley station of the Nassfeld Ski Resort in Carinthia, providing instant access to the area's 110km of slopes. The hotel offers 144 family rooms, a restaurant, bar, conference rooms, private car park, wellness and sauna and children facilities. In addition, the agreement includes the acquisition of a detached property consisting of 21 rooms currently used as employee accommodation,  and a site adjacent to the hotel, currently in use as a terrace, which is earmarked for future development of a swimming pool.

This latest acquisition is a strategic fit that complements the Group's summer leisure business and builds on the seasonal synergies which can be achieved due to the hotel's close proximity to the Group's Croatian operations. In addition, Austria is one of the Group's largest customer markets for its Croatian operations and this hotel will help further raise the Group's profile in this important market.

The completion of the transaction is subject to certain steps and conditions to be fulfilled. The Group expects the conditions in relation to the completion of the transaction to be fulfilled latest by end of quarter one 2022. The Group will endeavour to complete the transactions prior to the start of winter season 2021/2022.

Boris Ivesha, President & CEO of PPHE Hotel Group, comments:

"This latest acquisition marks our entry into Austria, which is a strong and important customer market for our Croatian operations. It is also a further step in creating a stronger footprint in the Central Eastern Europe and DACH regions, where we now have properties in Croatia, Hungary, Serbia, Germany and Austria.

This announcement coincides with the start of development works on the Group's much awaited iconic luxury hotel in Zagreb city centre and with the repositioning programme of the luxury Hotel Grand Brioni in Pula nearing its final stage."

Enquiries

PPHE Hotel Group Limited	Tel: [phone]
Daniel Kos, Chief Financial Officer & Executive Director
Robert Henke, Executive Vice President of Commercial Affairs
Hudson Sandler	Tel: [phone]
Wendy Baker/ Lucy Wollam / Nick Moore	[e-mail]

Notes to Editors

PPHE Hotel Group is an international hospitality real estate company, with a 1.7 billion portfolio, valued as at December 2020 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 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® branded hotels and resorts in Europe, the Middle East and Africa. In addition, PPHE Hotel Group wholly owns, and operates under, the art'otel® brand and its Croatian subsidiary owns, and operates under, the Arena Hotels & Apartments® and Arena Campsites® 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.artotels.com | www.arenahotels.com | www.arenacampsites.com  

 

END

 

 

ACQKZGZLZRKGMZM