IN BRIEF: PPHE Hotel's Arena Hospitality ends Berlin hotel lease early

PPHE Hotel Group Ltd - Amsterdam-based international hospitality real estate company - Says Arena Hospitality Group DD, in which it holds a controlling ownership interest, has terminated the leasehold of Park Plaza Wallstreet Berlin Mitte. The 167-room hotel has been part of Arena’s German operations since the acquisition of Sugarhill Investment BV in 2016. The 20-year lease was originally set to expire at the end of 2025, but Arena reached a ‘mutually beneficial agreement’ to terminate the lease four months ahead of schedule. ‘While the four-month operational gap will reduce the group’s operating income, the group does not expect this to adversely affect statutory profit or the cash position for the financial year,’ the firm says.

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