Completion of acquisition and update on Offer

RNS Number : 0918V
PPHE Hotel Group Limited
13 April 2016
 

 

 

13 April 2016

PPHE Hotel Group Limited

Completion of acquisition of 80% interest from joint venture partner in Croatia 
and update on associated takeover offer for Arenaturist d.d.

 

 

PPHE Hotel Group Limited (the Company), which together with its subsidiaries (the Group) owns, leases, develops, operates and franchises full service upscale and lifestyle hotels in major gateway cities and regional centres, predominantly in Europe, is pleased to announce that it has completed the acquisition of the outstanding 80% interest in its joint venture in Croatia.

 

On 1 March 2016 the Company announced that it had entered into:

·   a conditional contract to acquire the outstanding 80% interest, which it does not currently own, in its joint venture in Croatia for an aggregate cash consideration of €51 million; and

·     a €30 million loan facility with Zagrebačka banka d.d. to partially fund the acquisition of the 80% interest in the joint venture

 

The contract to acquire the 80% interest in the joint venture has now completed and the associated loan from Zagrebačka banka d.d. has been drawn down.

 

The Group now indirectly owns 74.15% of the issued share capital of Arenaturist d.d (Arenaturist), a Croatian public company traded on the Zagreb Stock Exchange, and 100% ownership of three Croatian private companies (together the Arenaturist Group). These companies together own seven hotels and six holiday apartment complexes and have an ownership interest in eight campsites in Istria, Croatia.

 

As a result of the acquisition and pursuant to the Croatian Takeover Act, Euro Sea Hotels N.V. (Euro Sea), (a wholly-owned subsidiary of the Company) announced on 29 March 2016 an unconditional takeover offer (the Offer) for the remaining 25.85% of the issued share capital of Arenaturist. The Offer will close on 27 April 2016 and a further announcement will be made regarding the outcome of the Offer in due course.

 

 

Enquiries:

PPHE Hotel Group Limited 

 

Boris Ivesha, President & Chief Executive Officer

Tel: +44 (0)20 7034 4800

Chen Moravsky, Deputy Chief Executive Officer
& Chief Financial Officer

Tel: +31 (0)20 717 8603

 

 

Hudson Sandler  - UK press enquiries

 

Wendy Baker / Katie Matthews

Tel: +44 (0)20 7796 4133

 

 

Madison Consulting - Croatian press enquiries

Tel: +385 1 6102 200

Mladen Hrgarek / Svebor Gretic

 

 

 

Notes to editors

 

PPHE Hotel Group Limited is a Guernsey registered company and 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 PPHE Hotel Group's hotels operate under two distinct brands, Park Plaza® Hotels & Resorts and art'otel®. PPHE Hotel Group has an exclusive licence from Carlson, a global privately held 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 PPHE Hotel Group.

 

PPHE Hotel Group has a majority ownership interest in the Arenaturist group, one of Croatia's leading hospitality companies.

 

The portfolio of owned, leased, managed and franchised hotels comprises 38 hotels in operation offering a total of more than 8,300 rooms. The development pipeline includes five new hotel projects and one hotel extension and reconfiguration. These developments are expected to add nearly 1,100 rooms to our portfolio by the end of 2016 and an additional 500 rooms by the end of 2019.

 

Our Company:

www.pphe.com

 

Our Hotel Brands:

www.parkplaza.com

www.artotels.com

www.arenaturist.com

 

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

 

 

Forward-looking statements

 

This announcement may contain certain "forward-looking statements' which reflect the Company's and/or the Directors' current views with respect to financial performance, business strategy and future plans, both with respect to the group and the sectors and industries in which the group operates. Statements which include the words "expects", "intends", "plans", "believes", "projects", "anticipates", "will", "targets", "aims", "may", "would", "could", "continue" and similar statements are of a future or forward-looking nature. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause the group's actual results to differ materially from those indicated in these statements. Any forward-looking statements in this announcement reflect the group's current views with respect to future events and are subject to risks, uncertainties and assumptions relating to the group's operations, results of operations and growth strategy. These forward-looking statements speak only as of the date of this announcement. Subject to any legal or regulatory obligations, the Company undertakes no obligation publicly to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. All subsequent written and oral forward-looking statements attributable to the group or individuals acting on behalf of the group are expressly qualified in their entirety by this paragraph. Nothing in this publication should be considered as a profit forecast.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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