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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pphe Hotel Group Limited | LSE:PPH | London | Ordinary Share | GG00B1Z5FH87 | ORD NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-10.00 | -0.68% | 1,470.00 | 1,460.00 | 1,475.00 | 1,480.00 | 1,460.00 | 1,460.00 | 9,877 | 16:14:07 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Hotels And Motels | 419.01M | 22.42M | 0.5291 | 27.78 | 622.74M |
TIDMPPH
RNS Number : 5055J
PPHE Hotel Group Limited
29 June 2017
29 June 2017
PPHE Hotel Group Limited
("PPHE Hotel Group")
Sale and Leaseback of Park Plaza London Waterloo
PPHE Hotel Group Limited, which together with its subsidiaries (the Group), owns, leases, develops, operates and franchises full service upscale, upper upscale and lifestyle hotels in major gateway cities, regional centres and select resort destinations, predominantly in Europe, is pleased to announce that one of its wholly owned subsidiaries has exchanged contracts to sell and leaseback Park Plaza London Waterloo (the Hotel).
A unit trust created on behalf of several clients of CBRE Global Investors is purchasing the Hotel for GBP161.5 million subject to a sale and 199 year leaseback. The initial rent of GBP5.6 million per annum will have annual inflation adjustments subject to a cap and a collar.
CBRE Global Investors carried out an independent valuation of the Hotel giving an aggregate value of GBP250.0 million (approximately GBP500 thousand per key)(1) . The sale and leaseback enables the Group to release 65% of that value whilst retaining a long term lease, control of the operations and associated profits of the Hotel thereby keeping the remaining 35% within the Group. As at 31 May 2017, the Hotel had a book value of approximately GBP124 million.
The transaction, which is subject to certain conditions precedent commensurate with the sale and leaseback being fulfilled, is expected to complete in July 2017.
Following the repayment of the existing facility and the deduction of the transaction costs associated with the sale and leaseback, together expected to be approximately GBP80 million, approximately GBP80 million will be readily available cash and is intended to be used to further improve and grow the Group's portfolio amongst other corporate purposes.
Boris Ivesha, President and Chief Executive Officer of PPHE Hotel Group, said:
"This sale and leaseback will unlock the capital invested in Park Plaza London Waterloo whilst allowing us to continue to benefit from the operation and associated profits. This transaction is in line with our strategy to realise shareholder value."
1 This excess in value was not included in the fair value reported in PPHE Hotel Group's Annual Report and Accounts 2016.
Enquiries:
PPHE Hotel Group Limited Chen Moravsky, Deputy Chief Executive Officer Tel: +44 (0)20 7034 and Chief Financial Officer 4800 Hudson Sandler Financial Public Relations Tel: +44 (0)20 7796 Wendy Baker / Jocelyn Spottiswoode 4133
Notes to editors
PPHE Hotel Group is a Guernsey registered company and through its subsidiaries, jointly controlled entities and associates, owns, leases, operates, franchises and develops full-service upscale, upper upscale and lifestyle hotels in major gateway cities, regional centres and select resort destinations, predominantly in Europe.
The majority of the Group's hotels operate under the Park Plaza(R) Hotels & Resorts or art'otel(R) brands. The Group has an exclusive licence from Carlson Hotels Worldwide Inc., one of the world's largest hotel groups, to develop and operate Park Plaza(R) Hotels & Resorts in Europe, the Middle East and Africa.
The art'otel(R) brand is wholly owned by the Group.
The Group has a controlling ownership interest (51.97% of the share capital) in Arena Hospitality Group, one of Croatia's best-known hospitality groups.
The Group's portfolio of owned, leased, managed and franchised hotels comprises 39 hotels offering a total of approximately 9,000 rooms. The Group's development pipeline includes two new hotels which are expected to add an additional 500 rooms by the end of 2019.
Company websites:
www.pphe.com
www.arenahospitalitygroup.com
For reservations:
www.parkplaza.com
www.artotels.com
www.arenaturist.com
For images and logos visit www.vfmii.com/parkplaza
This information is provided by RNS
The company news service from the London Stock Exchange
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June 29, 2017 02:01 ET (06:01 GMT)
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