Completion of acquisition of site in Thailand

RNS Number : 6366M

Park Plaza Hotels Limited

18 August 2011

 



18 August 2011

Park Plaza Hotels Limited ("Park Plaza")

Completion of acquisition of site in Thailand

Further to the announcement dated 22 July 2011, Park Plaza is pleased to announce that it has today completed the acquisition of the company which owns the site in Pattaya Bay, Thailand (the "Thai Company").

Park Plaza entered into the agreement to acquire the Thai Company via a joint venture company, which was originally held jointly with Kitaria Holdings Limited ("Kitaria"). Immediately prior to completion of the acquisition of the Thai Company, Park Plaza exercised its option to acquire all the shares held by Kitaria in the joint venture at par value. As a result Park Plaza, through a wholly-owned subsidiary, owns 100% of the voting shares and 90% of the profit participation shares in the joint venture.  The remaining 10% of the profit participation shares in the joint venture are owned by a minority investor.  This minority investor has been granted an option to sell its shares in the joint venture to Park Plaza's wholly-owned subsidiary (or at the option of the subsidiary to the joint venture) exercisable in certain circumstances after completion of the construction of the project.

Contacts:
Park Plaza Hotels Limited          Chen Moravsky, Chief Financial Officer	[phone]
Hudson Sandler                    Kate Hough	[phone]

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 (part of Carlson), over which the Group has exclusive rights 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.artotels.com www.arenaturist.com	www.parkplazahotels.net

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

 

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