IN BRIEF: PPHE Hotel buys back freehold interest in Waterloo hotel
PPHE Hotel Group Ltd - Guernsey-registered operator of Park Plaza and art’otel hotels - Agrees to repurchase the freehold interest in Park Plaza London Waterloo for £147.9 million. The acquisition follows a 2017 sale and leaseback of the 494-room hotel for £161.5 million, which included a 199-year lease with annual rent currently at £7.3 million, rising in line with the retail price index. Says £136.5 million of the purchase price will be funded through a new debt facility secured on the property, with the balance from existing cash resources. Transaction expected to close in the coming months. Says deal protects the group from future rental uplifts and increases freehold exposure within its portfolio.
Co-CEO Greg Hegarty says: ‘This transaction is another excellent illustration of PPHE’s approach to capital allocation and capital recycling. We continuously assess and examine opportunities across the portfolio to help drive returns. At the time, the initial sale and leaseback represented an attractive opportunity to release capital from this asset to reinvest in our broader development pipeline. Similarly, the purchase of this freehold interest is a good use of capital, protecting the group from future rental uplifts, whilst increasing the freehold exposure in our portfolio.’
Current stock price: 1,766.00 pence, down 12% at 1,766.00 in London on Monday afternoon.
12-month change: up 35%
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