Acquisition

RNS Number : 0362L

Park Plaza Hotels Limited

29 April 2010

 



29 April 2010

Park Plaza Hotels Limited

("Park Plaza" or "the Group")

Acquisition of leading Amsterdam Conference Hotel

Park Plaza Hotels Limited, owner, operator and franchisor of hotels in Europe, the Middle East and Africa is pleased to announce that it has acquired one of the largest conference hotels in the Netherlands, located near Amsterdam Schiphol Airport.  The property has been acquired for €30 million from Melbourne Onroerende Zaken B.V. and is owned through Schiphol Victoria Hotel C.V., a joint venture controlled 50:50 by Park Plaza Hotels Limited and Elbit Imaging Ltd ("Elbit").  Park Plaza and Elbit each contributed €1.0 million as consideration for the acquisition..

The property, currently operating as the 'Holiday Inn Amsterdam Schiphol', opened in 2007 and offers 342 contemporary guestrooms, bringing the Company's total number of rooms in the Netherlands to over 1,000.  With over 1,800 square metres of flexible meeting space this hotel is among the top meeting locations in the Netherlands. Other key destinations such as Amsterdam, Haarlem and Hoofddorp are also within easy reach.

Given its close proximity to Amsterdam Schiphol Airport, the hotel will, with immediate effect, be re-branded as Park Plaza Amsterdam Airport.

The acquisition has been financed via an increase to the existing facility with Aareal Bank.  The amended facility, whose maturity has been extended to 27 April 2017, has a value of €111.0 million and includes €5.0 million for renovations and updates to the hotels in order to strengthen their market position.  The increased facility is secured on the Park Plaza Victoria Amsterdam (owned through a joint venture with Elbit), the Park Plaza Utrecht (owned through a joint venture with Elbit), the Park Plaza Mandarin Eindhoven (100% owned by the Group) and the Park Plaza Amsterdam Airport (owned through a joint venture with Elbit).  There is no other recourse to any other part of the Group.

Boris Ivesha, Park Plaza Hotels' Chief Executive Officer, commented: "We are absolutely delighted that we have been able to add such an impressive conference hotel to our portfolio. This is our third hotel in the Amsterdam area, with a fourth under development, and strengthens our position in the important Dutch market".

Contacts:

Park Plaza Hotels
Chen Moravsky, Chief Financial Officer	Tel: [phone]
Hudson Sandler	Tel: [phone]
Jessica Rouleau / Wendy Baker

Notes to Editors

About Park Plaza Hotels:

Park Plaza Hotels Limited is owner, operator and franchisor of hotels in Europe, the Middle East and Africa.  The majority of the group's hotels operate under the Park Plaza Hotels & Resorts brand (part of Carlson Hotels Worldwide), over which the Group has exclusive rights in 56 countries in EMEA, or art'otel, a brand which the company fully owns.  Park Plaza Hotels also manage the luxury all-suite Plaza on the River- Club and Residence, London.

Through it strategic partnership with Carlson, one of the world's largest travel and hospitality companies, Park Plaza Hotels has access to Carlson's powerful reservation and distribution system, airline partnerships with 20 airlines, loyalty programmes such as goldpointsplus^SM for guests and Look To Book^® for travel agents and cross-selling opportunities. 

There are currently over 35 hotels and aparthotels and nearly 7,000 rooms in the Group's portfolio.  By the end of 2012, the Group's committed projects and territorial franchise agreements are expected to increase the number of rooms to over 13,000.

Projects under development include Park Plaza Marrakech (2010), Park Plaza Nuremberg (2011), art'otel amsterdam (2011) and art'otel london hoxton (2013).

Park Plaza Hotels' shares are admitted for trading on London's AIM Stock Market.

Our Brands:	Our Company:
www.parkplaza.com	www.parkplazahotels.net
www.artotels.com

For images and logos visit www.leonardo.com/parkplazahotels

 

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