Board Change

RNS Number : 7438T

PPHE Hotel Group Limited

16 October 2017

 

PPHE Hotel Group Limited

("PPHE Hotel Group" or the "Company")

Board Change

The Board of PPHE Hotel Group announces that Chen Moravsky has informed the Company of his intention to step down from his executive roles of Deputy Chief Executive Officer and Chief Financial Officer of the Company in order to pursue new opportunities. The Company and Mr Moravsky have mutually agreed that this change will take effect from 31 December 2017.

Mr Moravsky will remain as a non-executive director of the Company beyond 31 December 2017. Mr Moravsky will also remain as a non-executive director of the Company's subsidiary, Arena Hospitality Group d.d.

The Company has commenced the process of recruiting a replacement for Mr Moravsky and will make a further announcement in due course as and when appropriate.

Commenting on the announcement, Boris Ivesha, President & Chief Executive Officer said:

"On behalf of the Chairman and the Board I would like to thank Chen for his long standing contribution. He has been a strategic asset to PPHE Hotel Group for the past 16 years and has seen the Company evolve and change through each phase of its development.

"Chen has been instrumental in establishing the unprecedented financial position the Company is in, and we are delighted that the Board will continue to benefit from his contribution and leadership in his new role as a non-executive director and we wish him all the best in his new endeavours."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ('MAR').

Enquiries:

PPHE Hotel Group Limited
Boris Ivesha, President and Chief Executive Officer	Tel: [phone]
Hudson Sandler Financial Public Relations
Wendy Baker/ Sophie Lister	Tel: [phone]

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® Hotels & Resorts or art'otel® 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® Hotels & Resorts in Europe, the Middle East and Africa.

The art'otel® 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 2019.

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

 

END

 

 

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