Hoxton project and Park Plaza London Riverbank

RNS Number : 2282C

PPHE Hotel Group Limited

17 June 2021

 

17 June 2021

PPHE Hotel Group Limited
("PPHE", the ''Group'' or the ''Company")

art'otel london hoxton project and Park Plaza London Riverbank

Further to recent press speculation, PPHE Hotel Group can confirm that it is in advanced discussions with Clal Insurance Company, one of Israel's leading insurance and long-term savings companies ("CLAL"), about the prospective acquisition of a 49% (indirect) stake by CLAL in art'otel london hoxton project and Park Plaza London Riverbank.

Entry into this transaction would entail PPHE retaining a 51% controlling stake based on a £263 million value for Park Plaza London Riverbank and £279 million for the art'otel london hoxton project (reflecting the fair value of the land and remaining development costs), subject to a long-term hotel management contract over both hotels. 

There can be no certainty that a formal agreement will be reached with CLAL and the Company will make a further announcement in due course as appropriate.

Enquiries

PPHE Hotel Group Limited
Daniel Kos, Chief Financial Officer and Executive Director Inbar Zilberman, Chief Corporate & Legal Officer Robert Henke, Executive Vice President of Commercial Affairs	Tel: [phone]
Hudson Sandler
Wendy Baker/ Lucy Wollam	Tel: [phone] [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: PPHE Hotel Group | Arena Hospitality Group

 

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