Acquisition of 628 Western Avenue, W3

RNS Number : 2106K

Park Plaza Hotels Limited

12 July 2011

 



12 July 2011

Park Plaza Hotels Limited

("Park Plaza")

Acquisition of 628 Western Avenue, Park Royal, London W3

Park Plaza, an owner, operator, developer and franchisor of hotels in Europe, the Middle East and Africa, is pleased to announce that its wholly-owned subsidiary yesterday exchanged contracts to acquire 628 Western Avenue, Park Royal, London W3 for £6 million.  A 10% deposit has been paid and the balance is payable in cash upon completion which is due to take place by no later than June 2012.

The acquired two-acre site is a high profile, gateway site with prime frontage onto the A40, a major arterial route into Central London. Situated directly opposite Park Royal underground station, and adjacent to Hanger Lane underground station, the site benefits from excellent transport links into Central London. Wembley Stadium, Westfield Shopping Centre and Heathrow Airport are a short drive from the site.

Park Plaza is in the process of applying for planning permission to construct a new hotel at the front of the site which would further expand its hotel portfolio in London.

Boris Ivesha, President & Chief Executive Officer of Park Plaza, said:

"This presents an exciting opportunity to build a new hotel within the M25 and shows our ongoing commitment to grow our UK hotel portfolio beyond the six hotels and 2,300 rooms that we currently have in London.  This site gives us the opportunity to deliver a hotel which will be a natural stopping point for those travelling in and out of the West of London." 

Enquiries:

Park Plaza Hotels Limited
Boris Ivesha, President and Chief Executive Officer	Tel: [phone]
Chen Moravsky, Chief Financial Officer	Tel: [phone]
Hudson Sandler	Tel: [phone]
Wendy Baker / Kate Hough

Notes to Editors

About Park Plaza

Park Plaza Hotels Limited owns, leases, develops, manages and franchises primarily full service four-star, four-star deluxe and contemporary lifestyle hotels in major gateway cities and regional centres primarily in Europe.  The majority of the Group's hotels operate under the Park Plaza Hotels & Resorts brand, over which the Group has an exclusive licence from Carlson in 56 countries in Europe, the Middle East and Africa, or art'otel, a brand which Park Plaza fully owns. 

Through its strategic partnership with Carlson, one of the world's largest travel and hospitality companies, Park Plaza has access to Carlson's powerful reservation and distribution system, airline partnerships with 22 airlines, loyalty programmes such as Club Carlson^SM for guests and look to book^® for travel agents and cross-selling opportunities. 

The Group currently has 25 Park Plaza hotels and art'otels with 5,447 rooms in operation. New projects under development include Park Plaza Nuremberg (2013), art'otel amsterdam (2012), a 61-room extension of art'otel berlin city center west (2012) and art'otel london hoxton (2013).

Park Plaza also part owns Arenaturist, one of Croatia's leading hospitality companies, and operates 8 hotels and 5 apartment complexes (with a total of 2,868 rooms) and 7 campsites in Istria, Croatia.

Park Plaza's shares are admitted to trading on the main market of the London Stock Exchange (Standard Listing).

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

 

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