Planning approval for new hotel in London

PPHE Hotel Group Limited

27 November 2023

 

27 November 2023

PPHE Hotel Group Limited

("PPHE" or the "Group")

Planning approval for a new 179-room hotel concept in London

PPHE Hotel Group, the international hospitality real estate group which develops, owns and operates hotels and resorts, is pleased to announce that it has received planning consent from Westminster City Council to develop a new hotel within the Park Plaza Victoria London property.

PPHE has a strong track record of creating shareholder value by growing the Group through new acquisitions and developments, as well as through repositioning programmes to enhance assets.

At Park Plaza Victoria London, the Group will convert 6,500 square metres of predominantly subterranean space to a new 179-guest room hotel with a separate and dedicated entrance. The current 299-key Park Plaza Victoria London hotel will continue to operate standalone in its current form.

Through this forward-thinking approach of converting a subterranean space, the Group will be tapping into a growing segment of the market, which has seen particular traction in London. On completion, the Group will operate a dual-branded hotel consisting of the Upper Upscale Park Plaza Victoria London and a Midscale Lifestyle product for which the brand is yet to be announced.

Given that development will be utilising the existing structure, and land does not need to be acquired, the Group expects to significantly increase the asset valuation and yield upon completion. Detailed design, construction and funding plans are currently being prepared and further updates will be announced in due course.

Boris Ivesha, President & Chief Executive Officer, PPHE Hotel Group said:

"This is an exciting new project utilising an existing asset and operations in a sought-after location to maximum effect. Situated in the heart of the city, this 179-room property will further enhance our London portfolio, broaden our accommodation proposition, enabling us to tap into a new guest demographic, whilst maximising returns. The strategy here is consistent with the Group's longstanding approach to building long-term shareholder value through the measured use of its balance sheet and tactical capital investment."

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Enquiries:

PPHE Hotel Group Limited	Tel: [phone]
Daniel Kos, Chief Financial Officer & Executive Director
Robert Henke, Executive Vice President of Commercial Affairs
Hudson Sandler	Tel: [phone]
Wendy Baker / Charlotte Cobb / India Laidlaw	[e-mail]

Notes to Editors:

PPHE Hotel Group is an international hospitality real estate company, with a £2.0 billion portfolio, valued as at December 2022 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 portfolio includes 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. The Group's strategy is to grow its portfolio of core upper upscale city centre hotels, leisure and outdoor hospitality and hospitality management platform.

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 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: www.pphe.com | www.arenahospitalitygroup.com

For reservations:

www.parkplaza.com | www.artotel.com | www.arenahotels.com | www.arenacampsites.com

 

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