Hercules House Completion of Acquisition

RNS Number : 2237H

PPHE Hotel Group Limited

17 June 2013

 



 17 June 2013

PPHE Hotel Group Limited

(the "Company" or the "Group")

Completion of the acquisition of a prime site near London Waterloo Station

Further to the announcement dated 25 March 2013, the Company is pleased to announce that its wholly-owned subsidiary, Hercules House Holding B.V., has today completed the acquisition of a prime site near Waterloo Station in London from Mapeley Acquisition Co. (Hercules) Limited (in receivership) for a consideration of £23.5 million in cash.

The consideration was funded by a new £11.5 million term loan from Bank Hapoalim B.M. secured on the property and guaranteed by the Company and from the Group's existing cash balances.

Enquiries:

PPHE Hotel Group Limited

Chen Moravsky, Chief Financial Officer                                        Tel: [phone]

Hudson Sandler                                                                         Tel: [phone]

Wendy Baker / Kate Hoare

Note to editors:

PPHE Hotel Group Limited (formerly Park Plaza Hotels Limited) is a Guernsey registered company, which, through its subsidiaries, jointly controlled entities and associates, owns, leases, operates, franchises and develops full service upscale and lifestyle hotels in major gateway cities and regional centres, predominantly in Europe.

The majority of the Group's hotels operate under two distinct brands, Park Plaza® Hotels & Resorts and art'otel® . The Company has an exclusive licence from Carlson^SM, a global privately owned hospitality and travel company, to develop and operate Park Plaza® Hotels & Resorts in Europe, the Middle East and Africa. The art'otel® brand is fully owned by the Group.

The Group has a minority ownership interest in the Arenaturist group, one of Croatia's leading hospitality companies. The Group's portfolio of owned, leased, managed and franchised hotels comprises 38 hotels offering a total of more than 8,200 rooms. Its development pipeline includes four new hotels, which together are expected to add nearly 800 rooms to the portfolio by the end of 2015.

Our company:

www.pphe.com                                                                                                  

Our brands:

www.parkplaza.com

www.artotels.com

www.arenaturist.com

For images and logos visit www.vfmii.com/parkplaza

 

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