Completion of Financing

RNS Number : 8874E

PPHE Hotel Group Limited

10 November 2020

 

10 November 2020

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

Completion of Financing
 

PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, announces that one of its wholly-owned subsidiaries has entered into a revolving facility agreement with Santander UK Plc for up to £30,000,000 (the "Facility") pursuant to the Coronavirus Large Business Interruption Loan Scheme.

The Facility is provided on a three-year term and bears an interest rate on drawn amounts of LIBOR plus 2.5 per cent during year one, increasing to LIBOR plus 3 per cent in years two and three.

The Facility contains customary representations, undertakings and financial covenants (such as loan to value and debt service cover) which must be complied with. For so long as the Facility remains in place the payment of cash dividends to the Company's shareholders is also restricted.

The Facility is guaranteed by the Company and secured by, among other things, security over the shares in the borrowing entity and other relevant group companies.  

The Facility will be used for the general corporate and working capital purposes of the Group and, in particular, to support trading of the Group in the UK during this unprecedented time.

Enquiries:

PPHE Hotel Group Limited
Daniel Kos, Chief Financial Officer & Executive Director
Inbar Zilberman, Chief Corporate & Legal Officer
Robert Henke, Executive Vice President 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 summer of 2019 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 one of the largest owner/operators of hotels in central London and its property portfolio comprises of 37 hotels and resorts in operation, offering a total of approximately 8,800 rooms and eight campsites, offering approximately 6,000 units. PPHE Hotel Group's development pipeline include new hotels in London, New York City, Belgrade and Zagreb which are expected to add more than 800 rooms to the portfolio.

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	For reservations
www.pphe.com www.arenahospitalitygroup.com	www.parkplaza.com www.artotels.com www.arenahotels.com   www.arenacampsites.com

 

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