IN BRIEF: PPHE Hotel completes sales of New York development site

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PPHE Hotel Group Ltd - Guernsey-registered operator of Park Plaza and art'otel hotels - Completes the sale of a hotel development site in Manhattan first agreed back in February. PPHE receives USD33.5 million for the freehold property from a "US real estate developer" that it doesn't name. Of this, USD6.8 million is used to repay debt associated with the site and the remainder to be redeployed in the business.

PPHE had bought the site on the west side of Manhattan, near Hudson Yards, in 2019 for USD42 million in a 50-50 joint venture with real estate developer Largo 542 West 29th Street Partners LLC. PPHE had planned to build an art'otel on the site, but in February said changes to regulation meant a hotel development wasn't viable. It had said at the time it would redeploy the sale proceeds to its "core geographic regions" in Europe.

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