LONDON: PPHE Hotel Group has acquired the freehold interest in a site located in London SE1 with a view to developing the site into a hotel, subject to planning permission being obtained.

The site was acquired from a third party seller at a total investment of £12 million (excluding taxes and associated costs) funded from the Group’s existing cash.

The Group acted quickly to secure this attractive opportunity, which is situated near to Park Plaza London Waterloo.

The acquisition is aligned to PPHE Hotel Group’s proven development strategy of targeting real estate in prime locations and attractive geographies where there is significant upside potential to drive growth and long-term value through both the property portfolio and operations.

PPHE Hotel Group is an international hospitality real estate company, with a £1.7 billion portfolio (valued as at summer of 2019) of primarily prime freehold and long leasehold assets in Europe.

PPHE Hotel Group’s guiding principle is to generate attractive returns from operations and long-term capital appreciation.

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.